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Worldpay comments on today’s Queen’s Speech PDF Print E-mail
Wednesday, 27 May 2015

Following the mention of the Enterprise Bill in today’s Queen’s Speech, Dave Hobday, UK Managing Director, Worldpay comments:

“The Enterprise Bill is a hugely important piece of legislation, containing measures that promise to help eradicate the red tape which so frequently strangles small business owners when seeking payment from larger customers. There is now an opportunity to take these measures  further and protect the interests of the thousands of sole traders across the UK, from stall holders, to electricians, for whom late payments by consumers are the biggest threat to their livelihoods.
 
“Worldpay works with over 10,000 sole-traders and microbusinesses and our research shows they’re owed up to £2.5 billion by late-paying customers, and on average, each tradesperson writes off £770 a year. Beyond the obvious financial cost, tradespeople can spend over six months fruitlessly chasing these payments, time that could be spent growing their business instead. For many, this can lead to cash flow challenges that threaten their very livelihood. Government data suggests 58% of sole-traders and micro-businesses applying for finance do so because of cash flow issues, while one in ten sees cash flow as the biggest single threat to their business.
 
“Small businesses and the opportunities they create are the lifeblood of our economy. We cannot ignore their struggles, and I am hopeful this bill can act as a catalyst for further action to help all small businesses, from the very smallest upwards. It is vital that everyone: from fellow businesses to consumers, to the Government and industry, recognise their responsibility to do everything we can to help them succeed.  The alternative, subjecting such a vibrant sector to continued risk simply due to inaction, is a grim scenario in which there are no winners.
 
“The Enterprise Bill is an important step in the right direction, but we all need to do more to stem the cash flow challenge for small business.”

(Source - Worldpay Comment)
 

 

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