Small Business Commissioner calls for 'human approach' to payments

Friday 29 May 2020 13:30 CET | News

The Small Business Commissioner and Small Business Minister have issued a joint letter to the top two tiers of UK accounting companies, asking that SMBs suppliers receive payments promptly. 

According to Institute of Chartered Accountants in England and Wales, despite the government’s emergency financial support packages for large companies, the move reflects concerns that blanket decisions taken by larger businesses to hold off making payments could result in large swathes of the small business supply chain collapsing.

It was also stated that the issue of late payment continues to have an impact on smaller companies, and said it was ‘vital’ that all businesses act responsibly and continue to pay suppliers and businesses promptly. The statement also reminded businesses that councils need contact and bank account details for business owners to get the money to eligible businesses. 

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Keywords: SMBs, payments , The Small Business Commissioner, Small Business Minister, UK, supply chain
Categories: Banking & Fintech
Countries: United Kingdom
This article is part of category

Banking & Fintech