In a speech to the Federation of Small Businesses last week, opposition leader Jeremy Corbyn pre-empted the announcement of a snap election by making some early policy pledges. Of particular interest to us at My Credit Controllers (MCC), Mr Corbyn highlighted the threat to small businesses caused by systematic late payment. He pointed the finger at large companies who were using credit with small suppliers as a means of funding their cashflow requirement, while at the same time threatening the very existence of those suppliers. Mr Corbyn said “Cash is king for any business, and big companies are managing their cash by borrowing – interest free - from their suppliers,” . Further adding that “It’s a national scandal. And it’s stopping businesses from growing and causing thousands to go bust every year. It kills jobs and holds back economic growth.”
He also said that some £26 billion is being withheld in late payments and that this contributes to the failure of 50,000 businesses each year. He goes on to promise that any company bidding for public sector contracts under a Labour government will be bound to pay its suppliers within 30 days. The party will also consult on a system of “binding arbitration” to resolve late payments disputes.
Here at MCC we support any move to legislate for fairness in paying suppliers according to agreed terms, but in the meantime it can always be a struggle to deal with these unfair and threatening practices. That was one of the main motivations for setting up MCC; helping SMEs get what is rightly theirs. Lets see what the other parties have to say on this issue in the run up to the June election.
He also said that some £26 billion is being withheld in late payments and that this contributes to the failure of 50,000 businesses each year. He goes on to promise that any company bidding for public sector contracts under a Labour government will be bound to pay its suppliers within 30 days. The party will also consult on a system of “binding arbitration” to resolve late payments disputes.
Here at MCC we support any move to legislate for fairness in paying suppliers according to agreed terms, but in the meantime it can always be a struggle to deal with these unfair and threatening practices. That was one of the main motivations for setting up MCC; helping SMEs get what is rightly theirs. Lets see what the other parties have to say on this issue in the run up to the June election.
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