The Federation of Small Businesses (FSB) has been announced as just one of 70 organisations to join the new global small business body, SMEunited.
The new organisation, made up of small business members across more than 30 European nations, has been formed to help tackle a number of cross-border issues, such as late payments and online platforms.
Commenting on the new agency, the FSB said it is looking forward to working with other organisations on issues such as tackling the problem of persistent late payers, as well as helping to “limit the cumulative regulatory burden on small businesses” and “improving the law enforcement response to cybercrime”.
“At a time when our relationship with Europe is undoubtedly changing, joining SMEunited is a sign that no matter what the future partnership with the EU looks like, we’ll continue to be working closely with our neighbours,” said FSB Policy and Advocacy Chairman Martin McTague.
He added: “I’m sure that membership of SMEunited will be hugely beneficial not only to FSB members but all SMEs across the country and the continent.”
The news comes after new research revealed that 80 per cent of UK small businesses are poorly affected by late payment practices, usually adopted by the UK’s biggest businesses.
According to the research, poor payment practices, combined with extended political uncertainty surrounding Brexit, is causing up to 50,000 small firms to close their doors every year.
In light of the figures, the FSB is now calling for immediate action by bringing forward the package of measures announced by Chancellor Philip Hammond earlier this year. They include requiring the largest of companies to review and detail their payment practices in annual reports.