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Thursday, August 28, 2008
Thursday, August 28, 2008
Latest Procurement News
Posted: Monday, July 21, 2008, 9:05AM
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"Supplier Relationship Management"
Suppliers take the hit as companies tighten belts
Some of the UK’s biggest companies are set to announce extended payment terms to their suppliers as a result of the continuing credit crisis.
According to the Sunday Times, large groups will take longer to pay their suppliers in a bid to ease their financial difficulties.
The move comes as a report by Ernst & Young paints a deeply gloomy picture of the UK and world economy.
The Ernst & Young Item club claims that the UK will struggle to avoid recession because of a “toxic mixture” of high oil prices and increasingly tight credit conditions.
Peter Spencer, chief executive of the Item club, warned that things were “going to get a great deal worse” before any upturn.
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