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FSB calls for late payment reforms

The Federation of Small Businesses (FSB) has urged the government to deliver its reforms to late payment culture earlier than planned.

The planned changes include strengthening of the Prompt Payment Code, additional powers for the Small Business Commissioner and extra responsibilities for audit committees of large businesses.

FSB research has found that 80% of the small business community is affected by poor payment practices, resulting in the closure of 50,000 firms annually.

Mike Cherry, Chairman of the FSB, said:

"Under this government, small firms have seen some positive reforms come into force to ease the burden of poor payment practices.

"Many, however, are still just about managing to cope with the persistent and debilitating impact bullying and being paid late has on them and their staff.

"What these firms need is one more push to get the changes that will turn the tide against this unjust and unfair behaviour."

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