C19 BUSINESS NEWS UPDATE

by Rob Stokes

Published on 7th June 2020

We have seen a lot of business-related activity from the Government over the last couple of days and below is a summary of what has happened and where to see more.

Please go through the newsletter and if you need any assistance please contact us for clarification.

FACE COVERINGS TO BECOME MANDATORY ON PUBLIC TRANSPORT

Whilst we generally focus on business news it probably is worth reminding ourselves about the requirement from 15 June that face coverings are to become mandatory on public transport.

Government asks transport operators in England to make wearing face coverings a requirement of using public transport from 15 June to coincide with the next stage of carefully easing restrictions.

Bus, coach, train, tram, ferry and aircraft passengers must wear a face covering on their journey to help reduce the risk of transmission when social distancing is not always possible – with government also working with operators to ensure staff are provided with face coverings where appropriate.

Guidance remains to work from home if you can and avoid public transport where possible

See:  https://www.gov.uk/government/news/face-coverings-to-become-mandatory-on-public-transport?utm_source=40ae1908-c5b3-458a-9077-52bee4d260ea&utm_medium=email&utm_campaign=govuk-notifications&utm_content=immediate

TRADE CREDIT INSURANCE BACKED BY £10 BILLION GUARANTEE

Government to provide guarantees of up to £10 billion to Trade Credit Insurance schemes for business-to-business transactions:

  • Trade credit insurance coverage to be maintained across the market in light of COVID-19, with up to £10 billion government backing
  • measures will support thousands of businesses by protecting against customer defaults or payment delays
  • scheme is available on a temporary basis for nine months, backdated to 1 April 2020, and available insurers operating in the UK market

Trade Credit Insurance, which provides essential cover to hundreds of thousands of business-to-business transactions, will receive up to £10 billion of government guarantees, ministers announced today.

The Trade Credit Reinsurance scheme, which has been agreed following extensive discussions with the insurance sector, will see the vast majority of Trade Credit Insurance coverage maintained across the UK.

The guarantees will support supply chains and help businesses during the coronavirus pandemic to trade with confidence, safe in the knowledge that they will be protected if a customer defaults or delays on payment.

See: https://www.gov.uk/government/news/trade-credit-insurance-backed-by-10-billion-guarantee?utm_source=e0fde920-b2f1-4228-9a1a-4ec73b4641be&utm_medium=email&utm_campaign=govuk-notifications&utm_content=immediate

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