End late payments to UK SMEs and strengthen the Prompt Payment Code

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End late payments to UK SMEs and strengthen the Prompt Payment Code

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We, the undersigned, urge the Government to do much more to address the issue of late payments to small and medium size businesses (SMEs) in the UK.

The scandal of late payments means that SMEs are owed over £36.4 billion in overdue payments (according to research from Bacs) and companies that deliberately and wilfully withhold payments, or extend payment periods unnecessarily, are driving perfectly viable companies into bankruptcy and costing hundreds of jobs.

We are calling on the Government to take more decisive action to end this national scandal and put an end to this corrosive practice.

We further call on the Government to extend the remit and powers of the Prompt Payment Code.

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