Christmas is most definitely here and businesses are deferring decisions to the New Year. This can be a little frustrating as funders are willing to offer and complete facilities and there is still plenty of time.
Two dreadful instances this week of large businesses deliberately extending payment terms to small suppliers seemingly with no legitimate reason. There’s no good time or reason for this practice and some large buyers seem to adopt an unacceptable almost macho stance in squeezing suppliers.
Without the permission of my client I clearly cannot name these well known businesses. Its a recurring and ongoing subject and sadly for SME’s I guess will continue.
I will be losing my bet, made this time last year, that Bank of England Base Rate would have risen from 0.5% by Christmas 2014. (Given the absence of any further MPC meetings this year Base Rate will end the year at 0.5%). Economically Base Rate needs to rise next year but this is unlikely before May. Although the Bank of England sets Base Rate free from political interference, I am a cynic!
The week has been punctuated by a couple of Christmas networking events with more next week too. Also next week will see a visit to a High Street to give the retailers a boost.