Business and Trade Secretary pledges late payments reform

22nd September 2023

The Secretary of State has said that she is committed to tackling late payments, reducing regulatory barriers and boosting exports – harnessing the two halves of her Department, Business and Trade, to focus on small firms following the Federation of Small Businesses’ (FSB) new office opening in Westminster.

Business and Trade Secretary Kemi Badenoch said “Small businesses are the cornerstones of our high streets and the backbone of our economy – which is why the work we do with the Federation of Small Businesses is so important.”

“With dedicated small business chapters in our Free Trade Agreements, more than £1bn in startup loans for SMEs, plus my drive to cut red tape and burdensome regulations – this government is making sure we create the right environment for small businesses to grow and thrive.”

FSB National Chair Martin McTague said “It’s an honour to have Secretary of State Kemi Badenoch to open FSB’s new offices today. It was also very reassuring to hear her say that, following recent and extensive consultation with FSB, her Department will move to tackle late payments – a nut that we think can be cracked, with the right political leadership. Together with pledges on regulation and new export support, we welcome commitments to our members and the broader small business & self-employed community that we look after.”

“FSB has always benefited from firm relationships and an open dialogue with ministers. It’s through these regular and meaningful conversations with about policy recommendations, backed up by evidence from our member research, that FSB has maintained its position as the most credible and trusted voice of small businesses and the self-employed, heard by the highest level of Government, for almost 50 years.”

“Thank you to the Secretary of State for making time in her incredibly busy schedule to show how she values us by opening our offices today. I look forward to continuing to work with her and her team on policy decisions that help to further the success of small businesses.”