Following another cut in interest rates, Graydon UK has called upon the country’s government to do more to support small businesses in protecting their cash flow at a time when economic stability is facing increasing pressure. Martin Williams, managing director of the company, highlighted the additional suffering piled upon SMEs by the UK’s culture of late payment of trade invoices, which has persisted despite legislation introduced in 1998 in the form of the Late Payment of Commercial Debts (Interest) Act. This view has also been backed up by both the Institute of Credit Management and Forum of Private Business. Recent research by BACS estimates the value of outstanding payments owed to SMEs in the UK is at a total of £18.6bn. Small business owners and directors are voicing the belief that the government must now initiate new regulation to tackle this growing problem via a Department for Business Enterprise and Regulatory Reform (BERR) review. One idea is that BERR inspectors could then carry out spot checks on bought ledger departments within these organisations to see whether there was compliance with payment standards.
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
A squeeze on skilled talent means it now takes an average of seven weeks to fill open permanent roles in finance in the UK according to new research from financial services recruitment firm Robert Half.
Early-stage merger and acquisition deals in Asia-Pacific show nearly 10% year-on-year growth in recent months.