Queens Speech: Small firms back government late payment pledges

The Queens Speech has received the backing of small businesses welcoming the announcement to tackle late payments with the government saying it will ‘clampdown on late payment more broadly and strengthen the powers of the Small Business Commissioner to support small businesses that are exploited by their larger partners.’

In response to the announcement, the Federation of Small Businesses (FSB) have voiced their support for a string of Conservative Party election commitments in a fresh FSB survey of 1,500 UK firms conducted in the wake of this month’s vote.

Over half of small firms (61%) expect the appointment of a new Small Business Commissioner with additional powers to tackle late payments to positively impact their business. Whilst 64% of small firms believe Conservative promises to reform business rates and extend the retail discount will have positive impacts if delivered. An even higher proportion (70%) expect commitments to invest in local roads and put £2 billion towards mending potholes to impact them positively.

FSB National Chairman Mike Cherry said: “We’ve secured a raft of pledges from this new government aimed at reinjecting confidence into the small business community. It’s now time to turn kind words into action. In business as in life, you can’t run before you can walk. Small firms need the infrastructure fundamentals in place – particularly functioning broadband and local roads – before they can reach new clients, expand and achieve their full potential. That’s why it’s so encouraging to see this new administration committing wholeheartedly to investment in these areas.”

“Business rates reform, support with employment costs and an end to our late payment crisis are also vital. The small business community has been gripped by pessimism for more than a year now. Stopping the rot will require swift action on these three key fronts.”