RELIEF from ‘bullies’ for SME suppliers could be at hand thanks to moves to form a cross-party group of MPs to investigate payment practices in the UK.
Recent research by the FSB revealed that almost one in five small businesses had been subject to some form of poor payment tactics
For the first time the Federation of Small Businesses (FSB) is assembling the group to identify possible solutions to a system of bullying by big players in the food and retail sector.
Last month a number of large companies including Premier Foods and 2 Sisters were identified and criticised by the FSB for alleged supply chain bullying.
Recent research by the FSB revealed that almost one in five small businesses had been subject to some form of poor payment tactics.
The cross-party parliamentary roundtable will be co-hosted by the FSB and the All Party Parliamentary Group for Small Business. The event will be held in Parliament on Tuesday 20th January 2015 at 8.30am to 9.30am.
Debbie Abrahams MP, having previously led a cross-party parliamentary inquiry into late payments last year, will host the event. Also at the table will be Anne Marie Morris MP, Chair of the Small Business APPG, Tessa Munt MP, Parliamentary Private Secretary to Business Secretary Rt Hon Vince Cable MP and Mike Cherry, FSB National Policy Chairman.
Mike Cherry, FSB National Policy Chairman, said: “It is simply unacceptable for any company to exploit its market position to enforce unfair and unreasonable payment terms. The money outstanding in late payments is in the billions and has consistently grown larger and larger. We need greater leadership from all parties competing to be in the next Government to toughen up the prompt payment code and improve the UK’s payment culture.”
