The Confederation of British Industry's (CBI) has said government plans to hand a £2,000 national insurance cut to businesses and begin consultations on cutting slow payment of invoices could help businesses experiencing cash flow difficulties.
Katja Hall, chief policy director, commented:
– Katja Hall, CBI chief policy director
Late payment is a serious issue for all businesses but particularly for smaller firms, as cash flow is their life blood. Businesses already have a number of routes for recourse if they are paid late, but the reality is that few choose to act on late payment for fear of fall-out with their customers.