🕒 Article read time: 2 minutes
Logistics UK welcomes plans for lower freight charges on HS1
In response to the announcement of proposed lower charges for freight movements using High Speed 1 (HS1) by the Office of Rail and Road (ORR) on 30 September, Ellis Shelton, Senior Policy Advisor at Logistics UK, said:
“Monday’s proposal of lower charges for freight trains travelling on HS1 between London St Pancras to the Channel Tunnel by the ORR, as a result of the Draft Determination of HS1 Ltd’s spending plans, is encouraging news for those businesses moving goods to and from the continent.
"The use of rail freight on the HS1 route is a vital element of the UK’s trade connectivity with Europe and a key factor in encouraging trade between the continent and the UK.
"Rail freight has a vital role to play in driving growth in the UK economy and this reduction in costs should encourage more businesses to take advantage of the cross-Channel service’s efficiency to maximise trading relationships with partners in continental Europe.”
The ORR announcement can be read here:
Published On: 03/10/2024 13:40:00
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News In Brief
Government unveils new measures to support small businesses and self employed with late payments
According to the Smart Data Foundry, late payments are costing SMEs £22,000 a year on average and, according to FSB research, lead to 50,000 business closures a year.
The government is to consult on tough new laws which will hold larger firms to account and get cash flowing back into businesses – helping deliver their mission to grow the economy.
In addition, new legislation being brought in the coming weeks will require all large businesses to include payment reporting in their annual reports - putting the onus on them to provide clarity in their annual reports about how they treat small firms. This will mean company boards and international investors will be able to see how firms are operating.
Enforcement will also be stepped up on the existing late payment performance reporting regulations, which require large companies to report their payment performance twice yearly on GOV.UK.
The consultation, which is expected to be launched in the coming months, will also consider a range of further policy measures that could help address poor payment practices.
FSB research shows that every quarter in 2022, 52% of SMEs in the UK suffer from late payments, meaning roughly 2.8 million small firms face this issue, with the Federation of Small Businesses describing it as one of the biggest problems facing SMEs.
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