ten day payment term

Managing your Cashflow

Government struggle with ten-day pledge

The Government’s recent pledge to pay small firms within ten days rather than the usual 30 will be an ‘uphill struggle’, according to credit control experts. The move was announced by the Government last month in an attempt to ease cashflow problems faced by small businesses in the current financial crisis, and was supposed to take immediate effect within central government departments. But a poll of 238 businesses carried out by commercial credit agency Graydon UK has revealed that just 34% consider the government to be a prompt payer, and 66% described current payment practices as slow or average, with payment taking over 30 days. According to Graydon UK managing director Martin Williams, the Government will struggle to fulfil its pledge. “While Gordon Brown&rsquo... »