A “massively underhand cash grab” was how one supplier was reported in The Times as describing the approach by the DIY giant B&Q demanding contributions to an “investment-for-growth” programme. B&Q is facing claims that it threatened its suppliers by demanding they pay hundreds of thousands of pounds to stay on its books. This follows The […]
Continue ReadingBrendan Flattery, CEO Sage UK and Ireland calls for all FTSE companies to publicly commit to move towards 30 day payment terms for SME suppliers. In his blog, he points out that the health and vitality of the UK’s SME sector, with a combined turnover of £1.6 trillion is crucial to the economic future of […]
Continue ReadingThree quarters of the British public agree that the next Government should take action on big business ethics. This includes the government committing to penalising corporates that act unfairly towards small businesses in areas such as supply chain contracts and late payment. The majority of the British public believes that policy to promote ethical practices […]
Continue ReadingFor 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 […]
Continue ReadingYou can’t opt out of paying your taxes and pension contributions on time, without incurring penalties. Why should your government and its large customers opt out of paying you on time? The National Audit Office’s recent report highlights some disturbing government behaviours and a distinct lack of policy delivery expertise. Whitehall needs to set a […]
Continue ReadingNew proposals have just been published by the Business Minister Matthew Hancock at the department of Business, Innovation and Skills (BIS) obliging large and listed companies to publish detailed information about their payment practices and performance. The government is to consult on further measures to tackle late payment, but this new mandatory reporting regime could […]
Continue ReadingIn April 2013 the payment body, BACS reported that small businesses were owed £30.2bn in overdue payments, across the economy. Then, in February of this year research from Sage Pay revealed that SMEs are owed £55bn in unpaid invoices. The average business is now owed £11,358, with £30,000 outstanding for one in five SMEs. For […]
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