Vince Cable: "Big companies are screwing their suppliers"

Smarta caught up with Liberal Democrat shadow chancellor Vince Cable to talk about his hopes for businesses during the Budget yesterday.

He said he'd like to see compulsory payment terms and new measures to help businesses get credit insurance, but expressed concerns large companies' procurement practices are having a bad effect on small businesses.

"Some of the really big commercial operations like Tesco are behaving outrageously – big chains are just screwing their suppliers," he told us.  

"There are penalties for late payment under existing legislation, but actually getting those enforced is difficult. If it could be enforced, though, I would welcome that."

  • Read our full interview with Vince here.
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