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Chancellor Phillip Hammond has announced the first stage of a crackdown on “the scourge of late payments for our small businesses”.
In delivering his Spring Statement, the Chancellor said that this first step will require company audit committees to review payment practices, and report on them in their annual accounts.
“My RHF the Business Secretary will announce further details in due course – and I congratulate the FSB, in particular, on its tireless campaign on this issue,” the Chancellor said.
The national chairman of the Federation of Small Businesses (FSB), Mike Cherry, applauded the Chancellor’s promise.
“The UK’s late payment crisis destroys thousands of businesses every year. Today’s commitment from the government to tackle it is much-needed.
“We’re particularly pleased to see the measure set out in our Fair Pay Fair Play campaign taken forward: making non-executive directors responsible for supply chains through the audit committees of large businesses,” Mr Cherry added.
He assured that FSB will be working with the government on the forthcoming spending review, encouraging departments to obtain greater value for money by procuring more with small firms.