Tower Hamlets Liberal Democrats call upon Council to support small business

7.17.00pm GMT Tue 11th Nov 2008

Liberal Democrats value the contribution of the Borough's small businesses

Tower Hamlets Liberal Democrats are asking the Council to ensure it pays invoices quickly to support small business during the credit crunch. Lib Dems have asked Council Officers to pay invoices in 20 days and to monitor payment times.

Leader of the Liberal Democrat group in the Borough, Cllr Stephanie Eaton said: "Small businesses employ a great many local people and are a vital economic resource in our community. We are very concerned that successful small businesses will suffer during the current credit crunch simply because their customers do not pay their invoices in good time. I have written to the Chief Executive to request that the Council pays its invoices to all businesses within 20 days to help them with their cash flow. I will also be asking for a report to be presented to Councillors detailing the time between receipt and payment of invoices."

The call from the Liberal Democrats responds to a letter sent to Councillor Eaton from Laurie Payne, London Region Chairman of the Federation of Small Businesses asking for the Liberal Democrat group to support small businesses in the Borough.