19 November 2019

Labour’s late payment promise needs more detail to be taken seriously says NFB 

Corbyn's comments are encouraging but need backing up

The NFB believes that without the necessary detail and industry input, the Labour Party’s commitment to introduce a crackdown on late payment will fall by the wayside. Too many solutions with only limited success have left the industry sceptical. 

At the CBI’s annual conference, Labour leader Jeremy Corbyn announced that a Labour government would tackle late payments on behalf of small businesses, and reform business rates.

NFB Chief Executive, Richard Beresford, commented, “Late payment seriously damages SMEs, who have been paying the price for far too long for the imbalance of power when negotiating contract terms.

“We are pleased to hear that a Labour government would address the important issue of poor payers. However, we want to see a manifesto commitment from Labour and all parties, and post-election action, in order to take their words seriously.”