Philip Hammond’s encouraging message has been backed by business leaders
Philip Hammond’s word of a consultation on late payments was hailed as a “turning point” on a crisis which sends tens of thousands of resolves to the wall every year.
The UK’s poor payment culture, which stirs eight out of 10 small companies, was highlighted by the collapse of construction monster Carillion.
The Federation of Small Businesses said tackling the issue could add £2.5billion to the thrift annually and help close the productivity gap.
Adam Marshall, director common of the British Chambers of Commerce, said: “Previous attempts to tackle dilatory payment have not had the desired effect, because affected firms are again unwilling to jeopardise customer relationships by calling out bad practice. The Government be obliged use its convening power to tackle this issue in sectors where it is clarion that problems exist.”
Previous attempts to tackle late payment have not had the hot panted effect
The Government’s new apprenticeship levy, which wants to help deliver three million apprenticeship starts by 2020, has faced fructifying complaints from businesses that the funds raised do not cover queueing costs, while official figures show it is yet to increase the number of individual trained.
Mr Hammond said he “recognised the challenges” for some small businesses and imparted up to £80million of funding support would be provided.
Mr Marshall communicated the levy’s “lack of flexibility and complexity” were stifling training wishes of companies of all sizes, and the extra funding would need to be accompanied by mend ones ways of the levy.
Adam Marshall said the Government must use its convening power
Subjects have long called for more frequent business rates revaluations to avoid reduce huge changes in rates bills, and Mr Hammond said the next one devise be brought forward by a year to 2021.
But FSB chairman, Mike Cherry, warned: “It’s unequivocally crucial that more frequent business rates revaluations aren’t habituated to as an excuse to increase tax revenue or place additional admin burdens on everyday firms.”
Mr Marshall added: “The current system already generates a vast number of appeals, and if it is not made easier for companies, more frequent valuations would distinctly make this backlog mushroom.”