Borough Market traders hit with losses after London Bridge attack ask Government for financial help

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A number of Borough Market traders hit by losses since the London Bridge terror attack called for financial help from the Government today as they wait to see if insurers will pay out.

The plea for assistance comes just over six weeks after three terrorists carried out the van and knife attack which killed eight people on June 3.

The market was subsequently closed for 10 days, prompting its owners to launch a Traders Support Fund in  partnership with the charity United St Saviour’s and business improvement district Better Bankside.

So far, £130,000 has been raised for the fund. However, total losses to businesses are estimated at £1.5 million

Sean Cannon, who runs charcuterie business Cannon & Cannon, has estimated losses of nearly £30,000. “The impact here has been devastating and some businesses may end up stopping trading,” he said.

“Firms need support now, and in many cases, ongoing support. So the Government should be joining the public, other businesses and the Mayor of London in putting its hands into its pockets.” 

Nick Stokes, the co-owner of Mediterranean street food firm Gourmet Goat, said the company is facing losses of about £9,000. 

Borough Market reopens

“We are extremely grateful for all the support and money that has been put in by other businesses, from City workers, the Mayor and the Borough Market fund… But now we need the Government to back that up by putting money in to help the community.” 

Following a meeting last week with representatives from the market, business minister Margot James said she would raise the issue of insurance cover with colleagues and contact members of the insurance industry.

A spokesman for the  Department for Business, Energy and Industrial Strategy said the “Government is committed to ensuring businesses affected by this and other recent incidents receive the support they need to get back on their feet”. The department is working with different parties “to understand the needs of local businesses, what resources are available and what more may be needed”.

Some of the traders are struggling to get payouts from as yet unnamed insurance firms owing to gaps in the way terrorism cover works.

The Government-backed insurance scheme Pool Re only relates to terrorism attacks involving physical damage. The Association of British Insurers is urging the Government to explore extending Pool Re’s function to cover business interruption in certain circumstances.

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