Late payment scourge

BIG businesses which delay payments to their smaller suppliers are putting the economy at risk, experts have warned.

Mike Cherry, national chairman of the Federation of Small Businesses, said that a third of payments made to small firms are being paid late.

‘Poor payments culture in the UK has grown into an epidemic,’ he said, adding: ‘ These practices are immoral, with the largest businesses using their dominant position to squeeze small suppliers and improve their cashflow.

‘The inconvenient truth for big brands is that this harms the UK’s small business community, drives some out of business and slows the UK economy.’