Business insurance take up poor

The government yesterday cut the price of its £5bn credit insurance guarantee scheme to help protect suppliers from the collapse of their customers after the programme has so far provided only £7m of assistance to 52 companies. The government also said it is prepared to double the amount it underwrites in the third revision since the scheme’s launch on 1 May. The scheme allows suppliers to buy six months of government-backed insurance either to restore cover to its original level or to double the amount they can obtain from the private sector.