“Today’s announcement is a positive first step for small businesses grappling with late payments in the UK.
“Cash flow is critical for small businesses, particularly against a backdrop of ongoing economic challenges, and the new measures announced by the Business and Trade Secretary should improve payment culture and reduce the time wasted chasing debt.
“But there’s still plenty of work to do. As one member of ours put it at a recent roundtable discussion with the Small Business Commissioner, ‘everyone is paying everyone late’ and until legislation is introduced to reinforce payment terms, it’s likely to remain an acute problem for Britain’s small businesses.”
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