- 21 Mar
The UK Government have just published a March 2012 report - Boosting Finance Options for Business, which strongly supports the role of invoice finance (factoring and invoice discounting) as part of the funding solution for UK businesses. Tim Breedon, CEO of Legal and General and Chairman of the Association of British Insurers, was asked by Vince Cable, Secretary of State for Business, Innovation and Skills, to lead an industry Taskforce to examine the question: "How do we re-shape the finance landscape to make it serve better the needs of British businesses?".
The report highlights the lack of awareness of factoring and invoice discounting products amongst businesses in the UK and the historic negative perceptions surrounding the products. The report suggests that an education and information programme by the banks could be used to help address these issues.
The report also specifically highlights the role of some companies that provide electronic platforms, such as MarketInvoice and Platform Black. These have both recently been launched allowing customers to find finance against their receivables online.
This seems like exactly the kind of profile raising that the UK invoice finance industry needs in order to achieve its full potential and contribute to bridging the funding gap for businesses in the UK.
To read the full government report follow this link: Boosting Finance Options For Business