Late payment law needed

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Wheatcroft: Late-payers need a smack from the law Patience Wheatcroft, a director of St James's Place and Fiat Chrysler, considers the policies over recent years that have attempted to solve the problem of late payment. She says the Small Business Commissioner, Paul Uppal, may have celebrated the organisations first birthday this month, but SMEs “feel he has made much progress towards his aim of “driving a culture change” in how big companies settle their bills with suppliers.” Baroness Wheatcroft cites figures from the Prompt Payment Directory, a ratings platform, which reported that 52% of SME owners said that poor cashflow caused them panic attacks, anxiety and depression. She goes on to say that however well-intentioned Government initiatives may be, “unless big companies are legally bound to pay bills within 30 days, they won’t!”

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