Open Banking, the Small Business Commssioner, and Late Payments.


Late Payments is that issue that keeps
the business owner awake at night. When you think about it, if you’re
looking to grow your small business, if you’re looking to take on a new member
of staff the biggest impediment for that will be unpredictability of cash flow.
So Late Payment directly impacts that. My name is Paul Uppal and I am the Small
Business Commissioner. We’ve been established to help small and micro
businesses, and we are here primarily to help them around the issue of Late
Payment. Small and medium-sized businesses have a huge impact on the UK
economy. If you look at the whole business environment as a whole, we think
just about 98% of the whole market is small and micro businesses. Over 16 and a
half million people are employed within the SME sector – it has a huge impact in
terms of the economy, and it’s very wide reaching: socially, economically and
just in terms of the vibrancy of the UK economy, a massive impact. With open banking, in terms of the new opportunities
for products, for services, I’m sure that as we go forward in the future there will be huge
opportunities for small businesses to alleviate that, so they can then go back
to the stuff they love and care about. And the stuff they love in the
care about is their small business. And that’s a win for everybody involved.

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