Hammond Vows to Crackdown on Late Payment

14th March 2018.

In his spring statement, chancellor Philip Hammond pledged to finally tackle the country’s late payment culture.

Yesterday, the chancellor delivered his Spring statement, declaring his plans for the economy and the country’s finances. In recent years, late payment has become a severe problem for small businesses, with many owners demanding due attention in the new budget. Though not admitting the details, Hammond did announce the government would “open consultation” on the issue, and eliminate the scourge of late payments.

Late payment has hurt many businesses, but the construction industry has no doubt been hit hardest. An MP-led inquiry into the failed firm, Carillion, raised questions over the bullying relationship between small and large companies. At the Credit Protection Association, we help many of our members deal with the repercussions of late payment, improving their cash flow while they await Government interference.

The Federation of Master Builders welcomed the chancellor’s move yesterday. Chief executive Brian Berry said the consultation should “mark a turning point on this issue”.

He added: “We should use this opportunity to bring about a spring clean of payment practices that negatively impact on small business.

“Construction giant Carillion’s collapse at the start of the year brought to light once again the need to eliminate poor payment practices that plague the construction sector particularly.”

Late payment is the cause of much financial anxiety within sectors of the UK, with smaller businesses suffering most. While prior government initiatives have not gone far enough, the sentiment within the chancellor’s spring budget suggests it may finally become a priority.  After all, the economic repercussions of a supply chain collapse would hurt more than small businesses.

Businesses can offset the damage caused by late payers by directing efforts towards their cash flow. Setting aside some extra cash can not only save your business from failure but also ensure its success. Here at the Credit Protection Association, our members have used our credit management and debt recovery services to afford new technology, renovate their offices, or to just save for a rainy day. Until the government follows through with their promises, it is important your business is prepared; whether it’s through nest eggs or credit reports.

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!

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