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Retailers attack Alistair Darling's plans for credit insurance

As the UK retail sector continues to struggle against a background of falling consumer spending, increasing costs and low business levels it looks as Alistair Darling's plans for Wednesday, with regards to the sector, have not gone far enough. It has been widely leaked in the press that the UK government is keen to address the situation whereby a number of retailers in the UK have had their credit insurance protection withdrawn leaving them effectively paying for all goods up front and impacting severely on cash flow.

A number of companies have been publicly "outed" including MFI and Woolworths which subsequently collapsed because of widespread concern about their ability to trade. The government is apparently set to announce a deal which will see the UK authorities match any credit insurance protection available in the private sector thereby doubling the cover for individual retailers. However, many retail leaders believe this is not in any way helpful for those who are struggling to obtain any insurance whatsoever leaving them very much in the dark and out of sight.

The UK retail market has been obliterated over the last 18 months with many well-known names disappearing from the high streets up down the UK never to return. A serious shakeup is now required because the withdrawal of insurance cover is seen by many observers and consumers as the ultimate "death knell".

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