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The UK Federation of Small Businesses (FSB) has welcomed the move by the Cabinet Office to strengthen a Prompt Payment Code for SMEs. Since the collapse of Carillion, which left some small businesses going under and others at the mercy of late payers, the FSB has been calling for revised terms for small firms. The Government has responded by introducing new rules that will ban firms from bidding for public sector contracts if the fail to pay subcontractors on time. Companies will have to show that they have “fair and effective payment practices” or will be excluded from bidding. It is hoped that smaller businesses will be encouraged to apply for more government contracts on the strength of this new ruling. There is some scepticism that the policy still doesn’t go far enough and more should be done to link local authorities directly with SMEs. You can read more on this story on Chronicle Live.

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