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Federation of Small BusinessesFinance

Late payments cause major problems for smes

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Over 30% of all payments for SMEs are late...

Late payments cause major problems for smes

Late payment is a very serious problem for small businesses.  We estimate that nearly 50,000 businesses meet an early demise because of poor payment practices and over 30 per cent of payments are late currently in the UK.

 

We’ve been calling on the government to do more about this and they’ve agreed to appoint a small business commissioner who will put a duty of care or a duty of disclosure on large businesses so that they have to disclose their poor payment practices.

 

But we’ve also made really good progress in making sure that the government’s prepared to appoint a Non-Executive Director on the boards of major companies whose sole responsibility will be to look after payment practices and to make sure that the supply chain for these companies are treated fairly.

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