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UKFT calls for credit insurance update

The UK Fashion and Textile Association [UKFT] is calling for fashion suppliers to update it on the progress of any applications they have made to the government’s credit insurance top-up scheme, which was introduced in May.

The newly formed UKFT, which brings together trade bodies operating across the fashion and textile sectors, and incorporates the British Clothing Industry Association which led a campaign to get suppliers assistance with the credit insurance crisis earlier this year, wants to understand whether the scheme is working to ease pressure on the fashion industry. It will use the evidence to decide whether it should press on with lobbying the government for more assistance.

Earlier this week, the government opted to backdate the period of cover assistance it would offer to October 1 2008. It initially said it would only match cover with private insurers where cover had been reduced but not withdrawn from April 1 of this year.

However, fashion brands and manufacturers have faced difficulties in getting cover since early 2008 and the British Retail Consortium was disappointed the scheme was not backdated further.

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