Government launches crackdown on £23bn of late payments

Industry News | 02/10/20

The government has launched a consultation aimed at giving more powers to the Small Business Commissioner (SCB) to help small firms with late payment issues.

The Department for Business, Energy and Industrial Strategy has proposed new powers which include ordering businesses to pay in good time and issuing fines if they do not, ordering companies to share information on payment practices and the power to launch investigations.

Currently, £23.4bn worth of late invoices are owed to small firms across Britain, according to the department.

Source: Credit Strategy