Labour pledges crackdown on late payments
Jeremy Corbyn says Labour would introduce a new fines regime in the private sector and a 30-day cut-off point for invoices in a bid to tackle the culture of late payments. The Labour leader warned: “Some of the biggest names in business are holding cash piles that don"t actually belong to them. It"s a national scandal, it is stopping businesses from growing and it causes thousands to go bust every year. It kills jobs and holds back economic growth.” Nearly half of London"s one million small businesses last year had to wait for bigger firms to pay invoices beyond agreed fixed terms. Most payments should be made in 30 to 60 days, but the average debt is £32,185, figures show.
Source: Evening Standard (23/03/2017)