Late payment culture in a company is set at board level
For the first time the Federation of Small Businesses (FSB) assembled an influential cross-party group of MPs to identify possible solutions to the deterioration of payment practises in the UK. Hosted by Debbie Abrahams MP, who has previously convened her own cross-party inquiry into the issue, she said: “Late payment is something that CEOs and board members in big businesses can influence … a late payment culture in a company is set at board level…” The Small Business Bill currently going through Parliament will name and shame larger companies who will not commit to the practice of ensuring a fairer payment culture. The Bill needs to be given stronger teeth to ensure that the cash billions held by larger business exploiting their smaller suppliers, flows through the supply chain to the wider economy.
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