The Federation of Small Businesses is urgently calling for the late payments reforms package to be announced in the year’s Spring Statement.
As businesses face up to extended political uncertainty surrounding the Brexit crisis, coupled with the prospect of a new Prime Minister and Cabinet, the FSB wants the outgoing government to deliver on the promise made to FSB and the small business community, and to do so in June.
FSB believes that it would be a ‘major plank’ of this government’s legacy to end the UK’s business culture where paying small businesses late is acceptable.
The FSB believes that reforms already undertaken by this and the previous government have made some progress, but delivering the package of reforms now promised – including making the Audit Committee of every large business responsibility for its payment practices, and reporting back in its annual report, and strengthening the Small Business Commissioner and Prompt Payment Code, is critical.
National Chairman of the Federation of Small Businesses (FSB) Mike Cherry, commented, “As Theresa May’s time in office draws to a close, we are now at crunch time for the promised late payments package we have worked hard with the Government to secure. We are fast running out of time for the outgoing administration to secure this as their lasting and transformational small business legacy.