The new chair of the Federation of Small Businesses is in talks with Downing Street over how to tackle the problem of late payments from large companies to small UK suppliers that is holding back growth.
In an interview with the FT, Martin McTague also warned that small businesses were disproportionately affected by inflation given they are less able to pass on cost increases.
He said that payment delays were compounding the problems facing the UK’s 5.5mn small businesses as they attempt to recover from the pandemic while facing rising costs, labour shortages and supply chain disruption.
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