Government pledges support on SME payment terms

Eventia-IVCA CEO Marco Forgione has received a "clear commitment" from the Government, following a plea for strict rules on payment terms for SMEs.

Eventia-IVCA CEO Marco Forgione
Eventia-IVCA CEO Marco Forgione

Forgione met with Conservative MP Matthew Hancock, Minister of State for Skills and Enterprise, last week to call for strict new rules on 30-day payment terms for SMEs to boost growth and exports.

A number of major event agencies in the UK have said that payment terms are getting increasingly worse.

Following the meeting at Westminster, Forgione told C&IT: "I received a clear commitment that the Government will be announcing new measures in the very near future as a result of the pressure and lobbying for SMEs on payment terms.

"Many SMEs in the UK are waiting up to 60 or 90 days to get paid, which creates a huge challenge for them, especially those companies in the creative industries.  

"My fear, though, is that the new measures won’t be strong enough and unless it has real teeth it will not support SMEs.

"We need clear and measurable commitment from Government that it is going to tackle this issue and readdress the power balance to ensure big businesses in the UK plays fair by SMEs." 

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