Post-Brexit strategy and fair payment practice

  • The government unveiled its Industrial Strategy for post-Brexit UK in a green paper in January. The 10-point plan has been welcomed by Carolyn Fairbairn, CBI director general, who said: “It must help fix the country’s productivity problems and remove the regional inequalities that have dogged our country for generations, having a positive impact on living standards, wages and the future opportunities of many people.” Public responses to the green paper can be submitted until 17th April 2017.
  • From April, large companies and limited liability partnerships (LLPs) will have to publicly report twice a year on payment practices, including the average time taken to pay supplier invoices, as part of measures being introduced to reduce the number of overdue payments owed to SMEs. “There is now a clear will to tackle poor payments,” said Mike Cherry, national chairman at the Federation of Small Businesses. “We estimate that if payments were made promptly, 50,000 business deaths could be avoided every year, adding £2.5 billion to the UK economy.