The trade credit reinsurance scheme was designed as a temporary solution for companies struggling to get insurance cover for transactions because of the pandemic. It is now ending in the context of a positive outlook for economic recovery in 2021, appetite for new business among participating insurers and the continued success of the vaccine rollout, the government said.

The scheme has directly benefitted over half a million businesses, providing around £210bn in insurance cover.

Participating insurers have indicated to the government that the scheme is no longer required and they are keen to take back full underwriting control.