Mandated payment times raise concerns for small business owners
A proposal to mandate faster payment times may harm small businesses, critics warn.
The government is considering rules requiring faster payment from larger companies to smaller suppliers. Critics question the consultation process, with some small business figures expressing doubts about whether their concerns were heard during policymaking. The move raises questions about whether such mandates could inadvertently damage the smaller firms they are intended to help.
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Mandated payment times – a death knell for SMEs?
“I’d love to know who they consulted with.” That’s what PR adviser David Cormack, who made the news in 2018 when he and his then-business partner spoke out about struggling to get paid, says.