Business News
Big business hall of shame
The Government is set to make an example of big businesses who hide behind their brands, and name and shame them for defaulting on payments to small suppliers.
The names and details will appear online for all to see, and business owners will be able to have anonymity when making a complaint against a company if they so wish. This is a move within which small businesses and independents are being encouraged to blow the whistle on the culprits who are causing headaches around the country to the tune of around £24bn a year as found by a report by BACS.
Cabinet Officer minister, Francis Maude has been looking at the findings and has stated that everyone from major contractors to departments with senior office will be subject to mystery shopping activity amongst others and will be monitored more closely with the advise to those big businesses to be to pay more quickly than a 30 day period.
"We will be keeping a close eye on how the big suppliers choose to pay their sub-contractors," Maude said. "We won't shy away from naming and shaming those that we find have failed to pay promptly."
