The link between late payment and mental health
I was intrigued to see the results of new reseach by Pay.UK (they’re the people who run BACS and Direct Debit payment services) into the link between late payments and the mental health of business owners. I have long known that cash flow management in general, made worse by late payments, is a major contributor […]
Late Payment Bill to go before Parliament this week
Watch this space tomorrow (15 Jan). Labour MP and strong advocate of the late payment campaign, Debbie Abrahams, has secured time in parliament for legislation guaranteeing prompt payment to small businesses. Using a technique called “a ten minute rule bill”, if successful, the Public Sector Supply Chains (Project Bank Accounts) Bill will require all payments on […]
Teeth grow slowly for Prompt Payment Code
Minister for small business, Kelly Tolhurst, has told MPs that signatories to the Prompt Payment Code will be investigated if they do not adhere to its terms. Prompt Payment Code signatories are meant to pay all suppliers in 60 days and work towards paying them in 30 days. When addressing the Select Committee, Ms Tolhurst […]
New report names and shames persistent late-payers
‘Naming and shaming’ big companies that make a habit of paying small suppliers late may have the desired effect of forcing the worst culprits to change their ways. Let’s hope so, because nothing else – not even Government-backed initiatives like the Prompt Payment Code – has made much of an impression on a culture that […]
More access to invoice finance is only part of the answer
New laws to help more SMEs gain access to invoice finance are a start, not the end of addressing the UK’s late payment culture. Under new laws scheduled to take effect from the start of 2019, Britain’s 5.7m SMEs will be able to ignore unfair contracts that prevent them from raising finance against monies owed […]
Can small businesses ever stop late payments?
FSB National Chairman, Mike Cherry, has once again raised the scourge of late payments on small businesses by writing to the Chairmen and CEOs of all FTSE100 companies urging them to take immediate action to create a new payments culture in the UK. The FSB’s own research shows that a massive 84% of small businesses […]
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