Thursday 18th March, 2021
The government has announced the appointment of Liz Barclay as Small Business Commissioner to spearhead the national effort to crackdown on delayed invoices. Liz Barclay’s term as Small Business Commissioner will begin on 23rd June when she replaces current interim Commissioner, Philip King.
Liz Barclay will be the first female Small Business Commissioner, a post which was created in 2016 to help small businesses secure the payments owed to them and to galvanise UK businesses behind a new culture of prompt payment.
Over £23.4 billion is owed in outstanding invoices to UK businesses. Some businesses wait several months before paying their suppliers, severely impacting the bottom line of many small businesses.
Small businesses account for two-thirds of UK private sector employment and more than half of business turnover. Late payments damage their income, which can hold back investment or job creation and, in the worst cases, lead to job losses and business closures.
Action to help businesses and stop this damaging practice will remain a key priority as the government looks to support small businesses and build back better from the pandemic.
Liz Barclay said: “We need a real culture change around business payments in the UK to take pressure off our phenomenal entrepreneurs. People who have already delivered goods and services have to be able to turn their attention to their next client and next order rather than chasing up late payments and worrying about their cashflow. I know from personal experience how damaging that can be to mental and emotional health.
“By working with businesses and ensuring their concerns are listened to I hope to be able to deliver a payment regime that keeps cash flowing and works for everyone”.