Business responds to the Conservative victory.
13th December 2019.
James Salmon, Operations Director.
As the Conservative Party wins the election with their best result since the eighties, we look at what it means for credit management, what business leaders want and what the CBI and Manufacturers are looking for.
Conservative Party win majority in General Election
The Conservative Party headed by Boris Johnson have won an overall majority in the UK General Election.
The BBC called the result at just after 5.00am after the party passed the threshold needed to gain full control of the House of Commons.
As things stand, the Tories have won 364 seats, with Labour collecting 203 seats, the SNP 48 seats, the Liberal Democrats 11 seats and other parties 23.
Speaking to supporters, Mr Johnson said the result had given him a “powerful new mandate” to deliver on its manifesto. He said: “It does look as though this One Nation Conservative government has been given a powerful new mandate to get Brexit done.”
Elsewhere, Jeremy Corbyn said that he will not lead Labour into the next election, saying the party’s performance was “very disappointing”. The party lost seats in its Northern heartlands which have traditionally been Labour for decades including Workington, Darlington and Sedgefield – or in the case of Bishop Auckland and Blyth Valley for the first time ever.
Elsewhere, Jo Swinson, who only became the Lib Dem leader in July, lost her seat in Dunbartonshire East to the SNP by 149 votes.
The SNP’s leader Nicola Sturgeon, hailing her party’s results, said Scotland had sent a “clear message” on a second independence referendum.
Scotland’s First Minister is expected to write to the prime minister next week asking him to transfer the legal powers to stage a new referendum to the Scottish parliament.
Pound leaps on news of Tory majority
Sterling leapt to an 18-month high last night when the exit poll for the general election indicated a sizeable Conservative majority.
The pound jumped 3% against the dollar.
Dean Turner, economist at UBS Wealth Management, said a strong majority for the Tories would provide the certainty markets have been craving. He adds: “The biggest hope from an economic perspective will be clarity over Brexit in the near term, which should prompt a modest recovery in activity.”
The stock markets have also responded positively with the FTSE 100 up almost 2%.
What Credit Managers want
Whilst most commentators are concentrating on the implications of a large Conservative majority for Brexit, it’s important to note that this presents a fantastic opportunity for bold reform in a number of domestic policy areas.
As Credit Management company we hope the Conservative party will take action to tackle the late payment culture in the UK.
In their manifesto they said:
“We will support start-ups and small businesses via government procurement, and commit to paying them on time. We will also clamp down on late payment more broadly and strengthen the powers of the Small Business Commissioner to support small businesses that are exploited by their larger partners“
We look forward to seeing what precise action is taken to help the battle against late payment for the Conservatives to live up to their their pro-business promises.
Businesses wants Johnson to secure trade deals
Business groups have reacted this morning to the Conservative Party election victory.
They want Boris Johnson to start work negotiating the terms of the UK’s future relationship with the EU after Brexit and have urged him to avoid no-deal.
Mike Cherry, national chairman of the Federation of Small Businesses, said a “proper transition” was “absolutely critical,” adding “We have to avoid a scenario where we suddenly crash out of the EU with no time for small firms to prepare for what’s coming next.”
He said that the government’s comfortable majority brings “hope of stability to small firms” but urged the Conservative Party to deliver on manifesto promises of expanding existing business rates discounts and ending the crisis in late payments by introducing reforms.
UK remains a great place to start and build a business, CBI says
Carolyn Fairbairn, director general of the CBI, said: “The starting point must be rebuilding business confidence, and early reassurance on Brexit will be vital . . . Firms will continue to do all they can to prepare for Brexit, but will want to know they won’t face another no deal cliff-edge next year.”
She added: “Despite recent challenges, the UK remains a great place to start and build a business . . . A new contract between enterprise and government can make the UK a global magnet for investment, powering higher productivity and living standards across the UK.”
Jonathan Geldart, the director general of the Institute of Directors, said directors “need a framework to plan for the future from” and bosses were more concerned about the “content and shape of any new deal” rather than simply pushing ahead.
“The prime minister must resist the urge for arbitrary negotiating deadlines and should commit to a proper adjustment period that starts when businesses know the full detail of what changes they may be facing,” he said.
Manufacturers urge haste on trade talks
But Stephen Phipson, the chief executive of manufacturers’ organisation Make UK, said work on the details of a future deal needs to begin as soon as possible.
“The first job is the urgent need to begin negotiations on our future trading relationship with Europe, cementing frictionless trade, access to key skills, regulatory alignment and space for business to prepare for new arrangements,” he said, adding “Manufacturing exports are one of the powerhouses of our economy and we must allow them to flourish.”
Adam Marshall, the director general of the BCC, said: “Restoring business, investor and consumer confidence – and firing up the economy – must now be the prime minister’s top priority.”
CPA is passionate about late payment
The Credit Protection Association has been protecting smaller firms against poor payment practices for over 100 years.
We are extremely passionate about breaking the late payment culture that holds back the UK economy and threatens many SMEs with cash flow difficulties being the single biggest killer of Britain’s small businesses.
If you were regularly paid late we can help. Those former customers used you to boost their own cashflow, regularly paying you late.
As a result you had extra costs, you had the distraction of having to chase payment, you had opportunity costs because your capital was tied up in their late invoices.
Under little used legislation, you are entitled to compensation for those late payments.
Now you can boost your own cash-flow.
CPA can help unearth the those hidden treasures.
We have the technology to reveal the compensation you are due and we have the extensive experience and expertise to then turn those claims into cash.
Yes, CPA can help you boost your business cash-flow.
Don’t let your bankers control you, contact CPA today.
The Credit Protection Association – Prompting Punctual Payments – Ethical, Effective, Efficient, Economical collections
Do you realise you could be sitting on a fortune?
Late payments often result in a cash flow crunch and leave SMEs in need of a cash injection.
If you sold B2B on credit then there may be a hidden source of capital you can call on.
If you fancy an bit of extra cash in your business, rather than jumping through hoops with your bank, you could look to uncover the resources from an unexpected source within your own business.
Not many are aware but there could be a hidden fortune within your business, sitting there, just waiting to be uncovered and released.
We can help you uncover the pile of gold, you didn’t even know you were sitting on.
If you trade with other businesses and were often paid late then you could be entitled to significant compensation.
Under little known and under-utilised legislation your business could be due huge amounts in compensation that you didn’t even know about.
Let’s be clear – this is not a way to weaken any customer relationships you value. It is one that identifies who’s been paying late and then recover the potentially significant sums in compensation using Late Payment Legislation from businesses where the relationship has already ended.
You can pick and choose who you want us to follow up – but once we’ve agreed which companies you’d like to pursue compensation from it’s a fast process and there’s no financial outlay to you whatsoever. My team at CPA put its expertise to work to recover the compensation due and fight late payment culture.
That compensation could provide the cash boost your business needed.
But don’t delay, that compensation evaporates if not claimed within six years of the late payment.
How can CPA help?
CPA has developed a unique technology to dig into your accounting records and discover the cash injection you are due by means of compensation. The software does all the hard work. Our software interacts over the cloud with over 300 different software packages, working directly with your accounts package, just so long as it’s stored on a computer.
We recognise that most companies do not have the resources to spend time on the identification and calculation of Late Payment Compensation. Our service can produce an Analyses within just a few days with (usually) less than 30 mins of co-operation from our clients. We work directly with over 300 accounting packages but can also work with bespoke accounts packages. Indeed, speed is essential as the oldest invoices may fall foul of the 6-year time limit.
Once the Sales Ledger Analyses is made available to clients, all that is required is that management decide which commercially sensitive ex-customers to remove from the list and return it to us.
CPA then uses its years of collection experience to explain and recover the Late Payment Compensation Claims. Clients do not handle any part of the recovery process as our team will take all communications from the companies against who the claims has been made. Often, it’s simply a case of explaining the legislation, sometimes we have to go all the way and enforce the legislation through the courts.
The result is that we are realising clients’ claims worth tens and sometimes hundreds of thousands of pounds which, of course, is pure net profit. You may also be among the recipients of “hundreds of thousands of pounds” should you elect to take advantage of our services.
We do the work, you receive the cash.
If you have supplied goods and services to businesses on credit and were regularly paid late then you could be due significant sums in late payment compensation.
We are talking to companies and unearthing claims in the hundreds of thousands from former business customers who paid them late. Large business customers who abused their power to inflict unfair and sometimes illegal payment practices.
We are helping business owners who are looking to boost the returns from their business before they retire. We are helping businesses who have lost major clients after years of loyal service to get properly compensated for systematic late payment. We are helping companies that were looking to close down, who looked insolvent and finding that cash injection they need to avoid insolvency.
Those former clients who regularly paid you late can finally be made to pay.
Ready to speak to an advisor?
For help or advice on credit management, entirely without obligation.
Call us today
0330 053 9263
The Credit Protection Association is a credit management company established in 1914. If you supply goods or services on credit then we can help you!
The Credit Protection Association – Prompting Punctual Payments – Ethical, Effective, Efficient, Economical collections
Do you sell on credit?
With pressures on the cash flow it is essential that you stay on top of the credit limits you grant customers and watch carefully for any late payments.
Those customers will look for the easiest option to boost their cash-flow. Don’t let it be you.
You can’t just assume your customers can and will pay you eventually, no matter how big their name is.
It is essential to have credit management systems in place to monitor and check your customers credit worthiness.
It is also best practice to use a trusted third party like CPA to make sure you are paid on time by customers, no matter how good a name they have.
About CPA
The Credit Protection Association can help!
Formed in 1914, CPA has been providing credit management services to SMEs for over 100 years.
At the Credit Protection Association, we provide first class credit information that can help you avoid being over extended to customers who are at risk. Our monitoring service can flag up warning signs long before the end, giving you the chance to adjust and reduce your exposure. We provide recommended credit limits and credit scores on a traffic light system and can help you set appropriate credit policies for your customers.
We regularly publish lists of the latest insolvencies but by then it is too late. Our credit reports however predict approximately 96% of company insolvencies long before they arrive.
Companies in trouble usually have very bad cash flow and they try to deal with it by delaying payment to their suppliers, increasing your exposure to them.
If you supply on credit, help us help you identify the risks.
Why use a third party collector?
As a third party collector, we can also get your payments prioritised over those who are not as hot on collections. When your customer receives a letter from the Credit Protection Association regarding their outstanding account, they are going to want to get that resolved as a priority. Our overdue account recovery service can get your unpaid invoices to the top of their “to do” list and get your invoice paid.
Over the years we have collected billions in overdue invoices for our customers.
Our debt recovery and credit management services give our members the financial freedom needed to grow and prosper, while our new Late Payment Compensation department could unlock hidden potential and offer the compensation needed to springboard your business to success.
You might be hesitant about contacting a debt collection agency. What are they going to be like?
Can they help your particular type of business?
There is no need for concern. CPA are courteous, helpful and very probably have had direct experience of working with your type of business.
Debt collection agencies are not all alike.
Success lies in both recovering money and keeping customers happy. The Credit Protection Association was founded in 1914 and has helped tens of thousands of UK businesses to collect outstanding payments and reduce the risk of incurring bad debt. We believe that creditors deserve to be paid for the work or goods they have supplied but we fully understand the need to maintain
the best possible relationship with customers!
At The Credit Protection Association, we provide solutions, advice and back-up in all areas relating to the supply of services or goods on account. Client-members receive everything they need from a single source to reduce debtor days and write-offs.
The Credit Protection Association has helped has assisted tens of thousands of UK businesses with their credit control requirements, since the First World War.
We are polite, firm and efficient when it comes to recovering outstanding debt.
“We have used CPA for a number of years now. The website is easy to navigate around with lots of helpful reports. The staff are always at hand and very friendly. CPA has helped us reduce our debt over the years and keep track of potential issues with our customers.”
~ CPA client in Buckinghamshire
“The service from CPA has proved to be everything that you said it would be. We have already seen a huge benefit. We have had a number of overdue accounts paid promptly and directly to us. It is also a huge weight off our mind to know that once we have passed an overdue payment over to you, you take care of everything whilst keeping us informed.
~ Credit Controller client in Warrington
The Credit Protection Association – Prompting Punctual Payments – Ethical, Effective, Efficient, Economical collections
Ready to speak to an advisor?
For help or advice on credit management, entirely without obligation.
Call us today
0330 053 9263
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The Credit Protection Association – Prompting Punctual Payments – Ethical, Effective, Efficient, Economical collections