Author: Nona Bowkis
Published: September 21, 2017
Reading time: 1 minute
This article is 4 years old.
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Are you a business waiting for payment of some of the £26.3 billion of the outstanding debt owed to SMEs (small medium enterprises)?
As of December 2016, it was reported that UK small and medium sized businesses were owed £26.3 billion in late payments.
Recognising this as a problem for the sustainability and growth of the SME sector, the Government are creating The Small Business Commissioner, an independent body set up under The Enterprise Act 2016 to:
1. Provide general advice and information to small businesses and
2. Consider complaints from small businesses in relation to payment issues with larger business clients.
The head of the Commissioner is currently being recruited and they hope to be up and running in the Autumn of 2017 at which point small businesses (in this case those with less than 50 staff) should be able to seek help with payment disputes with larger businesses and report poor payment and fee practices from larger organisations in an effort to improve SME cashflow.