Labour claim they will introduce legislation, if elected, to ensure invoices are paid on time. The party’s plan also includes measures to protect small businesses by scrapping business rates. They will boost exports, and provide capital assistance for technology-intensive businesses. Shadow Business Secretary Jonathan Reynolds said that small businesses are the beating heart of the economy and that Labour will work with them to create a prosperous environment. He added that Labour has a “serious blueprint to create the long-term environment that businesses across the country are crying out for.”
A welcome innovation for many SME’s if it happens. The real question, however, is how, in practical terms, can payment on time be achieved without imposing restrictive layers of bureaucracy?