“Our small business sector is the power-house of the economy, contributing 47% of the UK’s income in the private sector and constituting over 99% of all businesses and the majority of private sector jobs. Small businesses are critical to boosting aggregate levels of productivity in the UK. For sustainable and healthy growth, we need to support and nurture our entrepreneurs and small businesses.
“But one of the issues facing SMEs and which has a direct impact on their productivity is late payments by large companies to their suppliers. That’s why I have worked closely with SMEs in my campaign Be Fair – Pay on Time to tackle the scourge of late payments. I was delighted our recent manifesto “declared war on late payments” and promised to both use government procurement to ensure that anyone bidding for a government contract pays its own suppliers within 30 day and develop a version of the Australian system of binding arbitration and fines for persistent late-payers for the private and public sectors.”
Debbie Abrahams is MP for Oldham East and Saddleworth and Shadow Work and Pensions Secretary