CBI and FSB call on business to adopt fair and fast payment culture

The vast majority of UK businesses recognise the benefits of good supply chain relationships. At the very heart of good practice is a fair and fast payment culture.

Unfortunately, for many businesses, poor payment practices are sadly still a too familiar picture and more needs to be done. A third of businesses report that at least one in four payments they’re owed are arriving later than agreed. 84% of small firms experience late payment every year. This is not sustainable.

Strong supply chain relationships, underpinned by paying on time, ensure that companies of all sizes can create jobs, fuel growth and create a stronger economy. Firms understand this and a welcome fall in late payment debt has followed.

No business leader or owner wants to see others turn to personal credit cards or overdrafts because of late payments, or even worse for a business to go under as a result of not getting paid. Th