The Federation of Small Businesses (FSB) has called on the UK’s leading companies to address the issue of late payments.

FSB Chairman Mike Cherry sent a letter to the leaders of the FTSE 100 companies urging them to lead the way in eliminating late payments that can cause huge cash flow problems for smaller firms.

Mr Cherry said: “The poor payment practices that run rampant through UK supply chains is a national disgrace with the country falling behind almost all other industrialised nations in our ability to pay small businesses on time.