Clampdown on late payments
THE Government plans to take tough action against “entirely unacceptable” late payment practices that are causing headaches for suppliers.
The Department for Business Innovation and Skills (BIS) has announced it is launching a range of measures “that will empower small firms, and create a fair payment culture”.
The Small Business, Enterprise and Employment Bill, which is before Parliament, will require the UK’s largest companies to report more frequently and comprehensively on their payment practices and policies. It follows concerns that big businesses have been squeezing suppliers.
A BIS spokesman said: “Our consultation proposes that the reporting frequency is quarterly.”