The UK government plans to introduce stringent measures to combat late payments by large firms, aiming to protect small businesses that suffer significant financial losses.
Research reveals that payment delays cost small businesses an average of £22,000 annually, which plays a role in the collapse of 50,000 SMEs each year.
Prime Minister Sir Keir Starmer stated, 'Late payments cost businesses tens of thousands of pounds and are one of the biggest reasons for business failure.'
Business Secretary Jonathan Reynolds emphasized that late payments are 'simply unacceptable,' urging accountability among larger firms in their payment practices.
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