Forum to tackle late payment abuse

THE Forum of Private Business will give evidence at a cross party Parliamentary inquiry in to late payment.

The meeting, to be chaired by Labour MP Debbie Abrahams, will examine just how serious the problem has got for SMEs, but will also look at other issues around poor payment practices, including so called ‘invoice haircutting’.

The event will hear evidence from four panels, one consisting of business groups including the Forum, another of representatives from FTSE listed companies, one of suppliers, and one of business and economics experts.

Hide Ad
Hide Ad

Each panel will be questioned by parliamentarians on the scale of late payments; the impact of late payments on SMEs and the wider economy; the effectiveness of current payment systems and tools including the Prompt Payment Code; and their recommendations on further steps needed to address late payments.

Alex Jackman, the Forum’s head of policy, said: “Late and slow payment amounts to little more than supply chain abuse, that is big business bullying small firms to boost their own profit margins.

“We know from recent high profile examples that the situation, far from improving, is spiralling out of control.”

The inquiry takes place this coming Tuesday.

Related topics: