Sherwood MP, Mark Spencer, has given his backing to a new Federation of Small Businesses campaign aimed at ending late payments for small businesses.
The FSB #FairPayFairPlay campaign makes a number of asks from the Government including enlisting the help of company Non-Executive Directors to ensure small businesses are paid on time and strengthening payment enforcement rules.
FSB research shows that the vast majority (84%) of small firms report being paid late, with a third (33%) saying at least one in four payments they’re owed arrives later than agreed.
Mr Spencer heard about #FairPayFairPlay campaign from Mike Watkinson, FSB Development Manager for Nottinghamshire and Derbyshire, and Michael Weedon, FSB Policy Representative for the East Midlands, following a meeting at the MP’s Spring Lane Farm.
Before he was elected as a Member of Parliament, Mark worked in the family business as a farmer, managing and running a farm shop and farm. As such, Mark is well versed in the needs of small businesses and what support they require.
Mark Spencer said: “As both a farmer and MP I know the everyday challenges facing small business and late payments for goods and services can be crippling especially when you are starting out."
“That’s why I am delighted to give my backing the Federation of Small Business’s #FairPayFairPlay campaign and look forward to working with the FSB to make late payments a thing of the past."
“Small Businesses are the lifeblood of the economy in both Nottinghamshire and the UK as whole and the Prime Minister and I will always bat for them. Since the Government has been in power, we’ve delivered over £10 billion of business rates support since 2016, including cutting small retailers’ bills by a third. We’ve also backed community leaders with £675 million of funding to help modernise their high streets and town centres, providing places like Hucknall with the support it needs to thrive.”