Nia Griffith, Member of Parliament for Llanelli, has urged local businesses in the area that are being choked by late payments to speak up and help with the introduction of new laws to tackle the problem.
Dame Nia is supporting calls for new laws to ensure small businesses are paid on time and wants local business owners who have suffered at the hands of late payers to share their experiences and shape the strongest level of protection possible.
She said:
“Llanelli has many fantastic entrepreneurs and one of the most common challenges they face is that they are spending too much time chasing payments instead of being able to concentrate on growing their business.”
“More than a quarter of businesses are affected by late payments each year with 14,000 across the UK forced to close annually because of late payments. Often far larger businesses are responsible, not paying for good or services promptly. It’s unfair, it’s suffocating small businesses in particular and it’s really has to stop.”
“I support tougher laws to ensure fast payment of invoices and penalties for persistent late payers. The Labour UK Government is currently consulting on how to make those laws robust and practical and I urge business people in Llanelli affected by this to make their views heard.”
The Member of Parliament for Llanelli added:
“When businesses are paid on time, money flows more quickly through supply chains and into our local economy. Businesses can invest in their business rather than spending time and money chasing unpaid invoices. That means more jobs for Llanelli and the surrounding areas.”
The consultation – Late Payments: tackling poor payment practices – can be found here: https://ditresearch.eu.qualtrics.com/jfe/form/SV_0v37vzvBpfM5Exw