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FMB says new fair payment rules will help SMEs

According to the Federation of Master Builders (FMB), the Government's new fair payment rules will make a real difference to construction SMEs by helping finance flow down through the supply chain.
Chief executive of the FMB, Brian Berry, said: 'The Government's new approach to ensuring 30-day payment becomes a reality throughout the supply chain on public sector contracts is a particular bright spot within the plethora of recent announcements on support for small business. The FMB has been calling on central and local government to mandate fair payment throughout the supply chain for some time, and it's highly encouraging to see that Ministers are listening.'

He continued: 'Most small construction firms would be financially ruined if they had to wait as long as 120 days for payment, which is why many do not even attempt to form part of the supply chain for public-sector contracts. This has been one of the major barriers to increasing engagement by SMEs in public procurement, so it's great news that assertive action has now been taken.'

'The FMB is also working closely with government on a new Fair Payment Charter, which will contain even more measures to help speed up the flow of finance and ensure all parts of the supply chain can benefit from the public sector as a responsible client.'

Mr Berry concluded: 'Overall it's very positive that the Government is prioritising support for small businesses and not just paying lip service to their plight. We hope this can help sustain a strong recovery in the SME construction sector into 2014 and beyond.'

The IOR Annual Conference – a conference on-demand

Delegates to the IOR Annual Conference taking place from 21 to 22 April will get the chance to access the event live and all sessions and recordings for up six months afterwards providing fantastic value and allowing anyone registering for the event ...

  01-Apr-2021
ACR News

Plenitude and Modine to build PV plant

Plenitude, a renewable energy production business, and Modine have signed an agreement for the construction of a new solar power plant in Pocenia (Udine). With an installed capacity of 1.585 MWp, the plant is expected to generate approximately 1.8 ...

  27-Jun-2025

Sanhua’s REVOlution for supermarket refrigeration

SANHUA is proud to present its latest innovation in refrigeration technology – the REVO series of controllers. Designed to provide a wide range of applications, the REVO controllers offer high performance and efficiency, ensuring that your refrigerated cabinets maintain optimal conditions for fresh food preservation.
  02-Apr-2025
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