Late Payment government announcement welcomed by FPB
The Forum of Private Business (FPB) has welcomed the announcement from the Department for Business, Energy & Industrial Strategy (BEIS) that late payment of small business invoices is to be a focus of the Minister for Business. They claim that the issuance of guidance to large businesses on how to pay on time is probably unnecessary, as most know the procedure, but just fail to follow it. Having to disclose practices six monthly will ensure that those who do fail, risk having their names made public.
The Forum are however lobbying for two further measures, firstly in the shaming of late payers and secondly in providing clear guidance for the actual small businesses suffering at the hands of the late payers. The Hall of Shame currently run by the Forum highlights those large businesses that are forcing unreasonable terms of trade, as well as late payment practices, on small businesses. Following the example of government, they will now be publishing this six monthly, spotlighting those businesses that are bullying small businesses on commercial terms, and encourage small businesses to inform them of situations they see as unfair.
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