I seem to remember writing something a while ago about tackling the problem of late payment of invoices, which puts a severe strain on small businesses that do work for large corporations.
Well, it seems Labour has a plan to address this, which has the full support of the Federation of Small Businesses.
Under Labour's proposals, big businesses would be required to provide details on their company’s payment practices in their annual report. While being a step in the right direction, in that it warns off small companies who may be approached by a large company for services, many SMEs simply have no choice. I still think swingeing interest rates for late payment are the best way forward.
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