Tackle late payments, say businesses
Nov 14 2008
Customers settling bills within 20 days would aid small business, with a poll of company owners thinking it would be more beneficial than increased lending from banks.
A survey from the UK Business Forums found 40 per cent of small firms think faster payments would aid their company the most, while only eight per cent think increased lending from banks would be most beneficial.
Dan Martin, administrator for UK Business Forums, says it is 'interesting' amid talk of lending from banks that company owners just want the money which is owed to them.
'The government's pledge for public sector departments to pay small businesses within ten days is welcome but that action needs to be extended to the private sector and big businesses in particular,' he adds.
In addition, 18 per cent of respondents want a cut to small firm's corporation tax and 13 per cent think less red tape for the company would be most preferential.
Credit control experts Graydon UK recently said it would be difficult for the government to stick to its pledge to pay within ten days as many firms currently rate it as a slow payer.
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