🔴 The Business Secretary has ordered a review aimed at tackling late payments for small firms, warning that such companies are owed £23.4bn in outstanding invoices
, whose remit is to address the issue of late payments, which he said will “help to ensure the UK has the right arrangements in place to best support small businesses”.
Large businesses such as GlaxoSmithKline have been criticised by the commissioner for failure to improve payment times. The role of finance, particularly how banks can help small businesses manage their cash flow and identifying barriers to accessing finance, will also be part of its remit.
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