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FSB Scotland on Spring Statement: Back small business to trade and get paid

Commenting on the Spring Statement, delivered by Chancellor Philip Hammond, Scottish Policy Convener of the Federation of Small Businesses (FSB), Andy Willox, said:

“Small businesses know all about living within their means and it’s good news that our years of hard work have helped get the deficit down.

“It seems like the public finances are getting back into better shape.  But there’s no room for complacency.  

“The numbers will only continue moving in the right direction if we make it easier for smaller businesses to trade and get paid.

“So the Chancellor is absolutely right to commit the government to eliminate the scourge of late payments.  Allowing large companies to use their smaller suppliers as a free overdraft puts serious financial pressure on more than eight out of ten small businesses in Scotland.  These are welcome words that must be backed up with real action.

“The Chancellor flagged up a lot of work in progress, consultations and future plans – on everything from moving to cashless local economies to reforming Vehicle Excise Duty for the least polluting vans. 

“But, as we know only too well, the impact of these measures will depend on how they work in local economies – they cannot impose excess cost or admin on the very businesses the government is relying on to get the economy back to growth.”