CBI member views are well-represented in the government response to Responsible Payment Culture in the UK.
The CBI has chalked up a number of wins following the government’s response to the BEIS call for evidence on Creating a Responsible Payment Culture, published on 12 June.
In the CBI’s submission in November 2018, we consulted widely with members on a series of recommendations. The CBI recommended that government should use payment reporting processes to look at the arrangements large firms have in place for paying SME suppliers separately from ‘all’ payments, to provide a more detailed picture on the landscape for SMEs. Government has acknowledged this by announcing it will explore “a facility ... to enable businesses to report voluntarily on inter-company transfers and payments to SMEs.” Since late payments to SMEs delay further investment and growth - with large companies such as Holland & Barrett being found to frequent pay late - this is a good step forward to improving economic growth.
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