Small firms 'need govt help'
Category: Business insurance
The next government needs to show more commitment in helping the UK's small business insurance customers to survive, it has been claimed.
Recent research from Begbies Traynor claimed that more than 160,000 firms are experiencing significant or critical financial troubles, with more £55 billion owed to creditors, suppliers and service providers between them.
Commenting on the report, Federation of Small Businesses (FSB) national chairman John Walker said his organisation is worried small companies will go under and leave larger enterprises without supplier, creating problems for the whole economy.
Mr Walker added that the next government needs to examine new ways to keep small firms in business, commenting: "This could be achieved by making it harder for HM Revenue & Customer to close small businesses down if they are late on tax payments, better access to affordable finance and credit."
In addition, he suggested that cashflow among small companies would be improved if the government and large businesses made more effort to pay their invoices on time.
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