Shoppers shelter under an umbrella as they walk past sale signs in the rain on Oxford Street in London on June 18, 2020. (Photo: AFP)

Britain's Supreme Court ruled Friday that insurers must compensate small businesses forced into last year's initial coronavirus lockdown, potentially a total payout of £1.2 billion ($1.6 billion, 1.3 billion euros).

The country's financial watchdog successfully appealed on behalf of the companies, arguing that companies should be able to claim for the impact of last year's first Covid-19 lockdown which ran from March to June.