At both the Conservative and Labour Party conferences, getting UK enterprise back on its feet was clearly an issue firmly on both parties’ agenda. A fact that has not gone unnoticed by various business lobbies.
The Government’s ‘Fair Payment Charter’ set out to establish that the culture of late payment, that has dominated post recessionary Britain, is “ethically unacceptable”. However, regardless of its implementation, many small companies have reported that late payment is an issue that continues to have a negative impact on their businesses.
As a consequence, the Federation of Small Business has encouraged the SME sector to be more open about the companies which are failing to uphold their contractual payment obligations. And with the announcement that the FSB are lobbying for more legislation to protect small businesses from late payment, it would seem that the SME sector are determined to fight back.