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Miliband supports BMF on fair payment

“You are totally right, because it helps firms create wealth, and makes for better lives for the people you represent” was the message from Ed Miliband MP to the Builders Merchants Federation (BMF) on the question of late, part or non-payment of bills.

Miliband supports BMF on fair payment

The Leader of the Opposition was answering a question from the BMF’s Brett Amphlett who represented the Federation at a major Labour Party event in the City of London. Miliband gave a keynote speech on the economy to set out how the next Labour Government will deal with the deficit and balance the books.

The BMF wants politicians of all parties to understand that late means late, not extended – and that unpaid invoices are a significant convertible asset to merchants who act as ‘bankers to the trade’.

The Labour Leader heard the BMF’s call to throw his weight behind efforts by his MPs who shadow Coalition Ministers in the Department of Business, Innovation and Skills. Miliband said it was a problem that both main political parties have tried to tackle – and that he supported the BMF in campaigning for fair payment of merchants’ bills.

He agreed with Amphlett’s question that if we want a strong economic foundation, the country needs strong supply chains because it supports business to create wealth.

The speech took place at the Institute of Chartered Accountants in England & Wales at which over 300 invited guests to hear Miliband talk about future levels of state spending. Reaching agreement on departmental budgets will be tough, difficult, and there will be cuts, he said.

Challenged about a possible VAT rate rise, Miliband answered: “I would steer you well away from any Labour Government raising VAT. It hasn’t happened in the past, so I don’t think it’s going to happen in the future.”

About Fiona Russell-Horne

Group Managing Editor across the BMJ portfolio.

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