Furniture faces ‘domino like collapse’ as BFC slams Government cop out over credit insurance

8th April | credit | The chairman of the British Furniture Confederation has criticised the lame Government response to fears that the withdrawal of credit insurance could cause viable furniture businesses to collapse like dominos.

Martin Jourdan has stepped up the campaign for action over credit insurance following an inadequate answer to a question tabled in the House of Commons by Madeleine Moon MP, who is also chair of the All Parliamentary Furniture Industry Group.

She asked what steps were being taken to assist the furniture industry adjust to the withdrawal of credit insurance, to which the Government responded by claiming to ‘provide a range of support to industry, including the furniture sector, to help companies during the current recession.’

An Early Day Motion calling for MPs to acknowledge the problems of credit insurance and the furniture industry has attracted 46 signatures so far. Now the BFC plans to up the ante.

In a letter to the Times newspaper, published this morning, Jourdan writes, ‘The 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 the threat, the Government has failed to respond in an adequate fashion.

‘[Their] empty words offer little comfort. We call upon the Government to look again at the issue, and provide support to the many profitable business across the country that are threatened by economic timidity.’
 

• Have you been affected by the withdrawal of credit insurance? If so, the BFC wants to hear from you – visit www.britishfurnitureconfederation.org.uk for more details.