Business Advice for all UK firms from starting a business to flotation
Government paying SME invoices late
Over 60% of small and medium-sized businesses are waiting over 30 days for government invoices to be paid, according to new research from credit reference agency Graydon UK.
The data also revealed that 98% of those SMEs questioned that supply government agencies, local government bodies and central government reported that they are still not being paid within the ten day timeframe pledged by Lord Mandelson in October 2008.
"The sentiment underlying the government's pledge to radically curtail payment periods in the public sector is laudable but unfortunately it's now apparent that Ministerial willpower hasn't been enough to inject more speed into the machinery of the public sector," said Martin Williams, managing director of Graydon UK.
"It's difficult to gauge how damaging the impact of this failure has been in terms of exacerbating the cash flow problems faced by small firms amidst the downturn. What's certain, however, is that the public sector needs to set a better example when it comes to paying for goods and services on time."
Post Date: January 18th, 2010
The data also revealed that 98% of those SMEs questioned that supply government agencies, local government bodies and central government reported that they are still not being paid within the ten day timeframe pledged by Lord Mandelson in October 2008.
"The sentiment underlying the government's pledge to radically curtail payment periods in the public sector is laudable but unfortunately it's now apparent that Ministerial willpower hasn't been enough to inject more speed into the machinery of the public sector," said Martin Williams, managing director of Graydon UK.
"It's difficult to gauge how damaging the impact of this failure has been in terms of exacerbating the cash flow problems faced by small firms amidst the downturn. What's certain, however, is that the public sector needs to set a better example when it comes to paying for goods and services on time."
»
- Login or register to post comments
- Printer friendly version
Post Date: January 18th, 2010
Follow us on
Accounting Advice | Banking & Finance | Business Continuity | Entrepreneurs | Franchising Advice | HR/Payroll Advice Insurance Advice | Internet Advice
I.T. Advice | Legal Advice | Marketing Advice | Office Management | Pensions & Benefits Planning Advice | Property/Relocation | Recruitment Advice
Starting a Business | Telecommunications | Training/Education Travel Advice | Utilities Advice | Vehicles
copyright © 1998-2009 Newbusiness.
Homepage | Terms & Conditions | Copyright & Trademarks | Privacy Policy | Sitemail & Forum Policy | Sitemap
