Lloyd Powell, head of ACCA Cymru/Wales, said: “At a time when ACCA’s Global Economic Conditions Survey of accountants suggests confidence in UK SMEs is at a near record low, and with economic uncertainty continuing, it is important for the UK Government’s programme for the year ahead to be focused on supporting business growth, with announcements on late payments and reducing business regulation.
“It was encouraging to hear the commitment in the King’s Speech to work with the devolved Governments across the UK. In a week where we’ve seen the appointment of the new First Minister, Rhun ap Iorwerth, it is crucial for both the UK Government and the new Welsh Government to work together to maximise efforts to grow the Welsh economy.
“After highlighting the pernicious problems of late payment for many years, we’re particularly pleased to see proposals for reform moving forward. We hope reform will make a real difference to SME cashflow, better positioning firms to grow and invest.”