The Federation of Small Businesses is calling for large companies to pay their small suppliers on time this December to help keep small firms afloat ahead of a difficult winter.
This is alongside the organisation’s campaigning for government-level action to tackle late payments.
FSB policy chair Tina McKenzie said: “The laws are currently slack and supplier interest must be represented at the top of the chain, or this could have a chilling impact on the economy.”
FSB members state that late payment practices worsen in December, with the issue causing over 50,000 small firms to shut each year.
