Credit, Collections & Insolvency News
Responding to Queen’s Speech in Parliament, the Federation of Small Businesses (FSB) is calling on the Government to take urgent action to end ‘debilitating late payment crisis’.
Federation of Small Businesses National Chairman Mike Cherry said “The success of mu”ch-needed levelling-up initiatives will hinge on their ability to reach the 5.9 small businesses and sole traders that drive our economy forward and are at the heart of local communities.
“From commitments to transport and broadband infrastructure, to a lifetime skills guarantee, to bringing more small businesses into public procurement processes, there’s a lot to welcome in today’s address.”
“Delivering on the measures outlined today in a manner that facilitates a small business-led levelling-up will be critical to our economic recovery. So too will be renewed action to tackle the wider challenges facing small firms as they seek to reopen and get the economy moving again.”
“The Government has pledged to support job creation. We now need to see action: restoring the lost jobs retention bonus or reducing the jobs tax that is employer national insurance contributions as the option to furlough staff is removed will help to stem a wave of unemployment.”
“Nine in ten people moving from being out of work into employment after the last recession did so via a small business or self-employment. If we want to see a similar trend over the coming months, bringing down the non-wage costs of employment and facilitating the right support for start-ups will be key.”
“We’ve campaigned for a cut to employer NICs for ex-service personnel and it’s good to see the final steps towards enshrining that reduction in law taken today.
“The Government should now take urgent action to end a debilitating late payment crisis that has worsened over the last year. A lot of firms returning to trade after in the coming weeks face waits of many months before payments, stifling their efforts to invest and grow. Action on this front is overdue.”
“Small firms are committed to the net zero agenda. We now need to see policymakers working hand in glove with businesses of all sizes to make the transition to a truly sustainable economy manageable at a time when cash reserves are severely depleted.”
“Ambitious commitments to research & development are important. The Government should ensure that funding reaches areas where it will have most impact: incremental adoption of innovation across small firms will be fundamental to closing our productivity gap.”
“Many small firms will have wanted to hear an update on the Government’s efforts to protect access to cash after a clear commitment to legislate in this space more than a year ago. Giving a regulator clear responsibility for this area is critical, particularly as the pandemic accelerates the shift to contactless and card providers up their fees. We look forward to a comprehensive update soon.”