RHA welcomes late payment crackdown legislation

The Small Business Protections Bill has been introduced into the House of Lords today. 

Commenting on this, RHA Managing Director, Richard Smith said:


"We welcome the Government's commitment in the bill to crack down on late payments. This is a meaningful step forwards; late payment kills viable firms and drags on the whole supply chain.

"With margins low and rising cost considerations a daily reality, insolvency rates remain high - with further businesses going into administration this week, and others recently going out of business. Indeed, 400 firms across our industry went bust last year. This year we'll have the knock-on impact of the War in Iran to consider."

Richard added:

"Companies across the road transport space are run by working people. Many are smaller, medium-sized firms, often family-owned and economic anchors in their communities. These businesses cannot afford additional cost burdens.

If implemented and enforced effectively through continued dialogue with industry, these late payment plans could go some way to improving financial resilience. There’s more to do, but this is a positive step."

ENDS