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Commercial Credit News
|Autumn Statement reactive comment|
|Thursday, 24 November 2016|
Rachel Mainwaring, Operations Director at Creditsafe, said: “Although widely expected, the Chancellor’s pledge today to boost infrastructure investment across the UK is still very encouraging. However, it’s vital that the opportunities he has laid out filter down the supply chain to reach the SME businesses and subcontractors that make up the backbone of our economy.
“The government’s pledge to improve the procurement process to open the doors for both national and regional subcontractors as part of its National Infrastructure Delivery Plan will be vital in helping to achieve this.
“However, there are a number of other considerations if our transport and construction sectors are to be best geared up to capitalise on Mr Hammond’s planned investment boost. For example, smaller businesses within these supply chains are often at most threat because of late payments.
“This is why we advise that all businesses carry out thorough checks on all of the potential companies they will be working with, using information available through company credit reports to make the most informed choices on who to work with.
“While from a credit perspective, it is difficult to fully evaluate the strength of our construction sector because firms rely on a constant influx of new contracts, what is clear is that the industry is heavily reliant on trade credit. It’s vital therefore that suppliers and construction firms continually monitor payment performance and company ratings to avoid potential losses.
“Today’s Autumn Statement has laid out a path of potential opportunities, but we are still in a period of unprecedented economic uncertainty. It’s therefore more vital than ever that businesses are ahead of the game in terms of knowing their customers’ payment habits and key financials.”
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