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It is estimated that up to 50,000 small businesses close each year due to not being paid on time.
The Government has now listened to calls from the Federation of Small Businesses to make company boards accountable for their payment practices. Many small businesses are paid late, which causes hardship and prevents growth. According to the Federation of Small Businesses, small businesses are owed £6,142 mostly by larger firms not paying them for goods and services on time.
As a result, according to research carried out by the FSB, 37% of small businesses run into cash flow problems and 30% have been forced into an overdraft. It is estimated that if the 50,000 businesses were kept open, the UK economy would receive a £2.5 billion boost.
In March 2018, the FSB won a commitment from the Chancellor of the Exchequer that the Government will tackle the scourge of late payments to small businesses.
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