Small Business

Small businesses back Philip Hammond’s push to tackle late payments scourge

Small firms were given a boost in their fight against late payments on Wednesday when the Chancellor said that listed companies will be required to review and detail their payment practices in annual reports.

The measure, announced by Philip Hammond in his Spring Statement, puts the onus on boardrooms to deal with the issue.

Mike Cherry of the Federation of Small Businesses said: “The only way to fundamentally shift our poor payment culture is if those at the very top show a willingness to address it. They can no longer turn a blind eye.”

Some 84pc of Britain’s small enterprises are paid later than agreed, with poor payment practices forcing 50,000 a year to the wall, according to FSB figures….


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