In the Budget, the Chancellor announced a £5 billion trade credit insurance scheme to support businesses that have suffered reductions in their level of cover. From 1 May until 31 December this year, businesses of all sizes and in all sectors will be able to purchase six months of "top-up" insurance from the Government if credit limits on their customers are reduced by their insurance provider. The level of cover held under a whole turnover trade credit insurance policy must be in place for at least 30 days before it is reduced, but that criterion has been backdated to 1 April.

To be eligible, the trade concerned needs to take place within the UK, with payment terms of no more than 120 days. Further details of the scheme are on the Business Link website.