Government to introduce a small business commissioner
Tracy Ewen, managing director of IGF Invoice Finance, comments on government plans to introduce a small business commissioner to help firms tackle late payments:
“The government’s announcement that it is creating a commissioner to reduce late payments for small businesses is desperately needed and long overdue. This person will address the key issues facing small businesses; the unfair power balance from which big firms benefit and the lack of advice that small businesses have access to. Many businesses have suffered from the strains that come with late payment, and with nearly half of small businesses owners “nervous” about borrowing, this continues to be an issue. Giving small businesses greater confidence and a stronger voice to demand prompt payment will see more SMEs surviving tough times and encourage growth.
Now the first few steps have been taken, and once the small business commissioner is appointed, it will then be about building on that momentum to show SMEs they have a government that will truly support them.”