Further action on late payment should be one of the top priorities in the Autumn Statement, according to national business group the Forum of Private Business.
Ahead of the Chancellor’s Autumn Statement in December, the Forum has written to George Osborne with a list of top business wants, including action on late payment and tax, which it says will provide much needed short-term support ahead of next May’s General Election.
On late payment the Forum is calling for measures to ensure that councils apply interest charges to late payments to any contractor automatically without them needing to request it. The Forum also wants to see the Government scrap plans to authorise HMRC powers to recover funds directly from small business bank accounts.
In addition, the Forum is calling for continued support in reducing business costs including another cap on business rates for the remainder of this Parliament. The document also includes calls for a continued commitment to freeze fuel duty until May 2015, further moves to push ahead with e-invoicing and incentives to encourage small businesses to export.
“Despite the recovery continuing to gain momentum, rising costs are still affecting our members,” commented Phil Orford MBE, Chief Executive of the Forum of Private Business. “Our recent member survey suggests that prices have risen far faster for micro, small and medium sized employers at 4.7%, well above the current rate of inflation. Our members continue to absorb rising prices and fewer have been able to pass on the costs to their customers, and prices are only expected to rise over the next year.”
“Whilst our members realise that the Government still faces difficult decisions when it comes to deficit reduction, they have a vital part to play in ensuring a sustainable recovery and would like to see the Chancellor take action to mitigate the cost impacts for the business over the next year,” he added.
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