"Far too many businesses are forced to shut down because they have not been paid - that is simply unacceptable. We are unveiling the strongest, most robust changes to payment laws in over a generation - laws that will transform the fortunes of small businesses for years to come and make their day to day lives much easier."
"These reforms aim to address an issue that costs the UK economy £11 billion annually and forces entrepreneurs, freelancers, and family businesses to waste valuable time chasing overdue invoices."
The UK government is enacting reforms to tackle late payments, which cost the economy £11 billion annually. The Small Business Commissioner will gain powers to investigate and impose fines on firms that delay payments. Key measures include a 60-day cap on payment terms for large firms and mandatory interest on late payments. These changes aim to protect small businesses, improve cash flow, and prevent insolvency. Business Secretary Peter Kyle emphasized the importance of these reforms in supporting small businesses and reducing closures due to payment issues.
Read at London Business News | Londonlovesbusiness.com
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