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EditorLlanelli MP urges action as late payments force thousands of UK firms to close
Nia Griffith, Member of Parliament for Llanelli, has called on local entrepreneurs to share their experiences with the UK Government’s consultation on late payments, warning that the practice is “suffocating small businesses” and holding back growth.
Local firms “spending too much time chasing invoices”
Speaking as the consultation opened, Dame Nia Griffith said too many small firms were being left out of pocket by larger companies failing to pay on time.
“Llanelli has many fantastic entrepreneurs and one of the most common challenges they face is that they are spending too much time chasing payments instead of being able to concentrate on growing their business,” she said.
“More than a quarter of businesses are affected by late payments each year, with 14,000 across the UK forced to close annually because of late payments. Often far larger businesses are responsible, not paying for goods or services promptly. It’s unfair, it’s suffocating small businesses in particular and it really has to stop.”
Call for tougher laws and penalties
The Labour UK Government is consulting on new legislation to strengthen protections for small businesses, including penalties for persistent late payers.
Dame Nia said she supported tougher rules to ensure invoices are paid quickly and urged Llanelli business owners to take part in the consultation.
“I support tougher laws to ensure fast payment of invoices and penalties for persistent late payers. The Labour UK Government is currently consulting on how to make those laws robust and practical and I urge business people in Llanelli affected by this to make their views heard,” she added.
What timely payments could mean for Llanelli
The Llanelli MP said prompt payments would not only ease pressure on small firms but also boost the wider economy.
“When businesses are paid on time, money flows more quickly through supply chains and into our local economy. Businesses can invest in their business rather than spending time and money chasing unpaid invoices. That means more jobs for Llanelli and the surrounding areas,” she said.
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