Sherwood MP Mark Spencer backs campaign over late payments to businesses
Sherwood MP Mark Spencer is backing a campaign by the Federation of Small Businesses to end late payments for small businesses.
The FSB’s #FairPayFairPlay campaign asks the government for help in enlisting the support of company non-executive directors to ensure small businesses are paid on time and strengthening payment enforcement rules.
FSB research shows more than 80 per cent of small firms report being paid late, with a third saying at least one in four payments they are owed arrives later than agreed.
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Mr Spencer, who worked in the family business as a farmer, managing and running a farm shop and farm before his election to parliament, said: “I know the everyday challenges facing small business and late payments for goods and services can be crippling especially when you are starting out.
“That’s why I am delighted to give my backing the Federation of Small Business’s #FairPayFairPlay campaign and look forward to working with the FSB to make late payments a thing of the past.”
“Small Businesses are the lifeblood of the economy in both Nottinghamshire and the UK as whole and the Prime Minister and I will always bat for them. Since the Government has been in power, we’ve delivered over £10 billion of business rates support since 2016, including cutting small retailers’ bills by a third.
“We’ve also backed community leaders with £675 million of funding to help modernise their high streets and town centres, providing places like Hucknall with the support it needs to thrive.”
Michael Weedon, FSB Policy Representative for the East Midlands, said: “Here at the FSB we are very grateful to have Mark’s support on this vital issue and I am glad he took the time out from his busy constituency duties to hear our asks on stopping late payments.
“Our campaign hopes to achieve fair pay and fair play for small businesses and the self-employed. The reforms we are calling for are not the silver bullet that will end poor payment practices tomorrow but they will certainly go a long way to stamping it out.”