Recession Tool Kit- The whole Team needs to learn to “compress time”
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Headline: FSB: firms that pay late should be ‘named and shamed’
Description: The UK's biggest businesses should sign up to the Government's Prompt Payment Code and those that pay small firms late should be named and shamed, according to the Federation of Small Businesses (FSB).

Many small companies are also unaware of, or do not want to make use of the Late Payment of Commercial Debts Act 1998, which gives small firms the statutory right to charge interest on late payments, for fear that large companies will take their business elsewhere.

"During the current economic climate, the damage being caused by late payment and enforced changes to terms and conditions is huge and many small businesses are facing closure as a result," said Phil Orford, chief executive of the FSB.
Date: 09.05.2009
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