PracticeConsultingTackling late payments

Tackling late payments

With a few notable exceptions, the pleas of the Better Payment Practice Group this month to get businesses to put their weight behind European Union laws forcing late-payers to compensate their victims, did not enjoy wide coverage.

Which is a shame, given the crucial importance of the issue. The statistics are frightening. The Federation of Small Businesses says of the Pounds 17bn owed to small businesses, Pounds 6.8bn is paid late. And, according to a government consultation paper, 10,000 businesses a year fail as a result.

The issue of late payment needs to be tackled, and tackled properly for the sake of the financial health of British business.

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