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Tony Duggan Comments on Plans to Tackle the Late Paymen Problem
Tony Duggan, CEO of Crossflow Payments, comments on plans outlined by Jeremy Corbyn to tackle the late payment problem:
“Jeremy Corbyn is right to prioritise this issue. Ensuring more businesses get paid on time will not only benefit individual firms, but also act as a significant stimulus for the UK economy at a crucial juncture.
“Being able to unleash the £26bn* that is locked up in late payments without any impact on large corporates’ working capital is now a realistic possibility thanks to the new technology being used by alternative finance firms.
“Momentum has already been generated by the current Government through the recent introduction of the obligation requiring large businesses to publicly report on their payment practice to suppliers, which specifically recognises the benefit of sophisticated supply chain finance solutions. All stakeholders with an interest in tackling this issue need to ensure businesses are aware of these new measures if progress is to be made.
“We also encourage the Leader of the Opposition to explore the role alternative methods of finance, such as supply chain financing, can play in helping small businesses receive payment on time, while allowing larger businesses to optimise their working capital.”
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A Decade (Plus!) of Innovation: IFGS 2026 Proves the UK is Still the Beating Heart of Global Fintech
Share this post: Share on LinkedIn Share on X (Twitter) Share on Facebook Share on […]
Ethos Collaborates with Liberty Mutual to Deliver a Modern, Digital-First Life Insurance Experience
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Simply Business Launches Insurance App for Small Businesses in ChatGPT in the U.S.
Simply Business, a digital insurance marketplace for small businesses, announced the launch of its business insurance app in ChatGPT in the U.S
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