THE DAILY BRIEFING

PAY RAGE Late and unfair payments by big businesses are hurting small companies and the economy, MPs on the Business Select Committee warned. Many big firms require their suppliers to wait for more than 60 days before getting paid for their work.

This plays havoc with small companies’ ability to operate, damaging their productivity and Britain’s economic prospects, the committee warned in its report.

MPs want a law which requires all payments to be made within 30 days under threat of a fine.

SALES BOOST Plumbing supplier Ferguson has reported a rise in firstquarter revenue and profit, driven by growth in the US. Formerly known as Wolseley, it saw profit rise 9.9pc to £339m in the three months to October 31 while revenue was up 8.5pc to £4.3bn.

■ LENDING LICENCE Peer-to-peer lender Zopa has received a banking licence from watchdog, the Financial Conduct Authority, as it aims to challenge High Street stalwarts.

■ BANKER FINED Former banking boss Mohammad Ataur Rahman Prodhan, 58, who ran Bangladeshiowned Sonali Bank (UK), has been fined £76,400 by the Financial Conduct Authority for major failings over money laundering. He is appealing against the ruling.

ROAD HOPE The AA has launched its first apprenticeship scheme for roadside patrols, having previously hired qualified mechanics who have worked in garages or car dealerships.

PASSENGER BOOST Low-cost airline Ryanair grew passenger numbers by 8pc in November to 9.3m, compared with a year earlier.

SHOPPING SLUMP Sales at John Lewis Partnership fell 4pc in the week to December 1, with sales at both John Lewis and Waitrose down on the same week a year ago.

CUTS MUSTARD Sandwich maker Greencore posted a 4.2pc rise in sales in the year to September 28 to £1.5bn. Profits were £17.8m - 12.7pc higher than a year earlier.

HIGH FLYING Budget carrier Wizz Air flew 2.6m passengers in November, an 11.2pc increase on the same month a year ago.

INFLATION WOE Almost half of UK investors believe inflation will jump to 3pc or more from its current level of 2.4pc in 2019, according to asset manager Legg Mason.