Late payment crisis causing growing concerns | WDM

Twitter
Follow us on Twitter
MENU
8
August

ICAEW calls for Prime Minister to tackle ‘late payments crisis’

The Institute of Chartered Accountants in England and Wales (ICAEW) has urged Prime Minister Boris Johnson to combat the UK’s ‘late payments crisis’.

According to the ICAEW’s latest Business Confidence Monitor (BCM) data, late payments from clients ‘now pose a greater challenge than they did a year ago’. One in five business owners stated that late payments represent a ‘growing challenge’ for their firm.

However, the BCM data also revealed that growth in concerns over regulation is ‘slowing’ as businesses ‘gradually adjust to increased regulations’.

Commenting on the issue of late payments, Michael Izza, Chief Executive of the ICAEW, said: ‘The Prime Minister has promised Brexit by 31 October and the overriding priority of his government must be to get a good deal.

‘However, this feedback from our members, who advise businesses in every sector and level of the economy, reminds us that they face other challenges as well, many of which have little to do with Brexit – such as late payments and the regulatory burden.

‘Robust government action on these issues could make a real difference to the business environment, especially for SMEs, and would help to restore confidence and momentum.’

7 Questions you must ask an accountant
How To Grow your business by 46.4% - Special Free Whitepaper
To get the free whitepaper, simply enter your name and e-mail address below and click the Get FREE Whitepaper button. You will receive an email shortly with your FREE Whitepaper pdf from our team...

Fields marked with an * are required

By submitting this form you agree to receive information via email newsletters about products and services from WDMCA which we think may interest you. You can opt out of receiving these newsletters by clicking the unsubscribe link in newsletters we send.

Download our FREE iPhone app

Testimonials

From the opening of our store to the eventual sale of four stores seventeen years later, WDM have provided invaluable assistance all the way along. They are more than just an accountant to us and we couldn't speak highly enough of them.

Pat McKenna - McDonalds Franchisee
Sign up to our newsletter
Oakfield House, 378 Brandon Street, Motherwell ML1 1XA        t: 01698 250 251        f: 01698 250 261