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Daily Insurance Industry News
Wednesday 22nd of May 2019
April 8, 2009

Furniture industry demands government-backed credit insurance

by David Masters

Story link: Furniture industry demands government-backed credit insurance

The British Furniture Association (BFA) has lambasted the government’s support for the furniture industry during the recession as ‘inadequate’ and has demanded state-backed credit insurance for its members.

In a letter to The Times newspaper, BFA chairman Martin Jourdan said government action on credit insurance is a must to save otherwise healthy businesses from bankruptcy.

“The general and widespread withdrawal of credit insurance is a serious issue that has affected businesses across the UK, particularly those in the furniture industry,” wrote Jourdan.

“This failure to provide credit insurance is itself a destabilising force, and has the potential to cause a domino-like collapse of businesses that are of a viable and sound nature.

“However, despite the visibility of this threat, the Government has failed to respond in an adequate fashion.”

Jourdan added that the government ignored calls from MP Madeleine Moon to assist the furniture industry, dismissing her query with ‘empty words’.

“We call upon the Government to look again at the issue, and provide support to the many profitable businesses across the country that are threatened by economic timidity,” Jourdan concluded.

 

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