A complaint handling service of the Small Business Commissioner has been launched to ensure fair payment practices for small businesses across the UK.
A topic that has long been an issue for smaller sized businesses, the government has now created a new system whereby the new Small Business Commissioner will support Britain’s 5.7 million SMEs to resolve payment disputes and tackle unfair payment practices from larger firms.
The new guidance website is now live, providing help on what action to take with regards to overdue payments.
Margot James, Small Business Minister, said, “This government’s Industrial Strategy is building a Britain in which small business can continue to thrive”.
“Over the last 5 years the amount owed to smaller businesses has more than halved from £30 billion to £14 billion. Today’s Small Business Commissioner service will empower small businesses to take action if they are paid late, potentially delivering a £2.5 billion annual boost to the economy”.
Paul Uppal, Small Business Commissioner, added, “Having run my own small business for over 20 years I am well aware that integrity and trust are key to running and building a successful business. My mission is to help all small businesses nurture positive and lasting relationships with their customers that work in the best interests of both”.