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Chancellor calls out late payment culture

Finance

Chancellor Philip Hammond has called for “radical cultural change” to end the scourge of late payments – which puts 50,000 small firms out of business every year. The Chancellor said companies’ unfair behaviour risks hampering the economy by restricting the growth of smaller firms, as he held urgent talks with business leaders in Downing Street. The talks – attended by leading business groups FSB and CBI as well as a number of firms – follow recent government action including proposals to fine those failing to comply with the rules and beefing up the Small Business Commissioner’s enforcement powers.

 

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