28/07/2020 (Agence Europe) – On Tuesday 28 July, the European Commission, in accordance with EU state aid rules, approved a UK guarantee scheme to support the commercial credit insurance market in the context of the Covid-19 pandemic. Commercial credit insurance protects companies that supply goods and services against the risk of non-payment by their customers. The UK scheme ensures that commercial credit insurance will continue to be available to all businesses, saving buyers of goods or services from having to pay in advance, thereby reducing their immediate cash needs. The measure has a maximum budget of around EUR 11 billion. The Commission found that the scheme notified by the UK is compatible with the principles laid down in the EU Treaty and is well targeted to remedy a serious disturbance in the UK economy. (LC)