FSB finds late payment crisis has worsened during coronavirus lockdown - Article Birmingham : Advantage Consulting

FSB finds late payment crisis has worsened during coronavirus lockdown

The Federation of Small Businesses (FSB) has found that the UK's late payment crisis has worsened during the coronavirus (COVID-19) lockdown.

62% of small businesses have been subject to late or frozen payments during the COVID-19 pandemic, according to research carried out by the FSB. Just 10% of small firms have agreed changes to payment terms with their clients.

65% of small businesses that supply goods or services to other businesses have experienced being paid late or having payments frozen.

The FSB has called on policymakers to give the Small Business Commissioner additional powers to investigate and fine repeat late payment offenders.

'Before the COVID-19 outbreak struck, many small firms were already under immense financial pressure because of late payments,' said Mike Cherry, National Chairman of the FSB.

'Cash is still very much king for small firms, and withholding it has pushed many to the brink at a time when they're at their most vulnerable. Our endemic culture of treating small businesses as free credit lines against their will must be brought to an end.'

Address

Advantage Consulting, Regus Blythe Valley Business Park, Central Boulevard, Solihull, West Midlands B90 8AG

Contact us today!

0121 212 6580

Registered office: Advantage Business & Legal Services Limited, Anglo Dal House, 5 Spring Villa Road, Edgware, Middlesex, United Kingdom, HA8 7EB
Registered in England and Wales. Company No: 10409937. VAT No.: 286 5127 79