East Midlands Chamber has said new government measures aimed at ending the practice of paying late for goods and services is good news for small businesses.
The Department for Business and Trade have announced plans to bring in a new “Fair Payment Code” which includes awarding firms that pay within 30 days and sets out rules on company payment reporting.
East Midlands Chamber Director of Policy and Insight Richard Blackmore said: “Small businesses shouldn’t have the hassle of having to wait to get paid for the products and services they’ve provided in good faith. An entire supply chain is adversely affected by a single bad payer and a self-employed person shouldn’t be having to worry whether they can pay their bills after someone’s benefited from their work if an invoice isn’t settled promptly. If these measures are able to bring to an end the practice of late payment and can help small businesses move forward, to invest and create new jobs, then it’s something the Chamber and its members welcome.”
