Friday, May 29, 2020

FSB urges Theresa May to complete vital task before she steps down

Prime Minister Theresa May must use her final days in office to push through the late payments reforms package announced in this year’s Spring Statement.

The urgent call comes from the Federation of Small Businesses as businesses face up to extended political uncertainty surrounding the Brexit crisis coupled with the prospect of a new Prime Minister and Cabinet. FSB wants the outgoing Government to deliver on the promise made to FSB and the small business community, and to do so in June.

FSB believes that it would be a major plank of this Government’s legacy to bring to an end the UK’s business culture where paying small businesses late is acceptable. Reforms already undertaken by this and the previous Government have made some progress, but delivering the package of reforms now promised – including making the Audit Committee of every large business responsibility for its payment practices, and reporting back in its annual report, and strengthening the Small Business Commissioner and Prompt Payment Code, is critical.

80% of the UK’s small business community is affected by poor payment practice. These practices carried out by big businesses towards their smaller suppliers is rife and continues to put smaller firms at risk. 50,000 small firms a year are forced to close their doors because of it.

National Chairman of the Federation of Small Businesses Mike Cherry said: “As Theresa May’s time in office draws to a close, we are now at crunch time for the promised late payments package we have worked hard with the Government to secure. We are fast running out of time for the outgoing administration to secure this as their lasting and transformational small business legacy.

“This can be achieved by publishing its late payments reform package as one of its final acts. Under this administration, 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. We cannot afford to have these crucial reforms lost at the last fence, as attention turns to the leadership contest, a new administration and the upcoming Brexit deadline.

“It is crunch time – small businesses want these reforms in place before the Prime Minister leaves Number 10. Taking real action to tackle poor payment practices can be the legacy that the Prime Minister and her Government leave office with.”

Help us maintain our standards of journalism

Readers across the region enjoy our news site but keeping our news up to date and authoritative, without charging readers to view the site is a challenge. Especially now with the Corona Virus measures affecting us all, as many clients have been severely affected and are naturally reducing their spend on advertisements. Given this lack of revenue stream we are calling on the generosity of our readers to help us fill that void and enable our journalists to continue delivering the news that you enjoy.

Unlike many other news sites, we don't have annoying pop ups or charge scandalous prices for events. We also produce printed magazines for each title and we make these freely available to read on line too, for your enjoyment. Often, people have asked why we don't make a charge for viewers to read these magazines and news stories but we feel that would adversely affect our readership/advertisers response rate. But with advertising revenues now severely affected we need your help. So, if you can support our news sites/magazines with either a small donation of even £1, or a subscription to our magazine, which costs just £27.55 per year, (inc p&P and mailed direct to your door) your generosity will help us weather the current storm and continue in our quest to deliver quality journalism.

We value your readership and your support, as this enables us to continue to provide our regular daily news updates. We've been established over 30 years, during which we've lost count of the numerous recessions and financial meltdowns, and we intend to weather the storms caused by Covid-19. So, every reader contribution, however big or small, is invaluable in helping us to get through this. Please click here to help support your favourite news site/magazine.

Advertisment








Latest posts

Local people support campaign to help hospice survive pandemic

Local people have found unique ways to support a North Lincolnshire charity to help it survive during the coronavirus pandemic. Lindsey Lodge Hospice launched its...

St Barnabas Hospice outlines plans to open charity shops

Following recent government guidance, St Barnabas Hospice has outlined plans to reopen its charity shops. St Barnabas Hospice is a Lincolnshire-based charity which has 26...

Facemask designed by Lincoln Uni student wins product design competition

An up and coming young designer from the University of Lincoln has produced an innovative new facemask to protect children from harmful pollution. Owen Phillips,...

Lincolnshire councils strengthen ties

North Lincolnshire and North East Lincolnshire Councils have strengthened their historic ties across the county by committing to sole membership of the Greater Lincolnshire...

New beach safety campaign launched as lockdown eases

The Royal National Lifeboat Institution (RNLI) and Her Majesty’s (HM) Coastguard have launched a new beach safety campaign, urging parents to protect their families...

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close