Business Secretary Grant Shapps has announced a comprehensive review into tackling late payments for small businesses, while urging large companies to pay their smaller suppliers promptly.
Small businesses routinely spend significant time and resources chasing late payments from businesses they supply which can lead to cash flow problems, putting their firms at risk and preventing them from growing. The majority of small businesses do not have large balance sheets and cannot accommodate long payment terms or delays in receiving payment within their cash flow cycle.
