Lancashire businesses react to 'low key' Spring Statement

This year's Spring Statement delivered by chancellor Philip Hammond contained new measures for tackling late payments to small companies. But, with the outcome of Brexit uncertain, not much else for businesses.

New legislation will force big businesses to review and report on their own failure to pay suppliers in good time to the audit committee.

James Lawton-Hill, marketing director at Nixon Williams, said: "We’re pleased to see today’s announcement that the government plan to do more to tackle the problem of late payments to small businesses. It’s huge problem across the UK with recent research from the Association of Independent Professionals and the Self-Employed (IPSE) suggesting that freelancers spend an average of 20 days a year chasing invoices for late payment.