Tuesday, October 21, 2008

Mandelson confirms 10-day payment to small businesses

The government is set to announce a series of measures to help small businesses today, including confirming plans for Whitehall to pay bills within 10 days.

The Daily Telegraph reported that Business Secretary Lord Mandelson will unveil plans to offer more help and swifter access to government funding and faster payment of bills. He will also tell MPs that banks were being pressured to restore lending to small businesses back to 2007 levels.

He is also reported to want a commitment for Whitehall departments to pay bills within 10 days to extend further down the chain.

Meanwhile Skills Secretary John Denham will present a ВЈ350m package to help small businesses improve training.