Late payment reform is welcome, says FMB
Measures announced as part of the Government’s ‘Small Business Plan’, to tackle late payments and tool theft, futureproof skills, and improve access to finance, are welcome steps to create a more level playing field for small building companies, say the Federation of Master Builders (FMB).
Brian Berry, Chief Executive of the FMB commented:
“Late payments remain one of the biggest challenges for SME builders, disrupting cashflow, delaying projects and putting many firms at risk. Unlike larger volume builders, small firms work job to job and are far less able to absorb additional costs compared with the larger volume builders. The Government’s commitment to tackle late payment in the Small Business Plan will be welcomed across the sector, as prompt and fair payment is vital to the sustainability of small builders and the wider economy.
Berry continued: “Small builders are also facing a perfect storm of rising costs, skills shortages and planning delays alongside these cashflow pressures. It is positive to see the Plan include action to tackle tool theft with the recruitment of 13,000 more police officers, as well as measures to improve access to finance for small businesses. The emphasis on future-proofing skills is welcome as investing in training and attracting the next generation is essential to keep the small building sector strong and sustainable. We need to see the Government build on this plan and prioritise delivery of the promised streamlined planning reforms for small builders, particularly the fast‑track approvals for sites of up to nine houses, which will help small firms deliver the homes Britain needs.”
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