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FSB calls for late payment reforms

The Government's planned reforms to late payment culture should be delivered in the next month, the Federation of Small Businesses (FSB) has urged.

The FSB has called for Prime Minister Theresa May to use the final days before her resignation on 7 June 2019 to push through proposed reforms to payment practices.

These include added responsibilities for audit committees in large businesses, additional powers for the small business commissioner and strengthening the prompt payment code.

According to the FSB, 80% of the small business community is affected by poor payment practices, causing the closure of 50,000 small firms a year.

Mike Cherry, chairman of the FSB, said:

"Under this Government, small firms have seen some positive reforms come into force to ease the burden of poor payment practices.

"Many, however, are still just about managing to cope with the persistent and debilitating impact bullying and being paid late has on them and their staff.

"What these firms need is one more push to get the changes that will turn the tide against this unjust and unfair behaviour."

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