Construction Workers Among Biggest Winners as Law Changes to Help Thousands
The Small Business Protections Bill would add mandatory interest on overdue invoices and give regulators powers to name offenders and issue larger fines.
- On Tuesday, the government introduced the Small Business Protections Bill to Parliament, forcing large firms to pay suppliers within 60 days to stop corporations from delaying payments for months.
- Late payments currently cost the economy around £11 billion every year, a problem ministers say forces 38 Small Businesses to close every day as they struggle with cash flow.
- Empowering the Small Business Commissioner, the legislation allows financial penalties reaching "tens of millions" of pounds, while Keir Starmer called the reforms "the toughest action on late payments in a generation."
- New measures ban retention payments in the Construction sector, while audit committees at major firms must publicly explain poor payment records and outline improvement plans.
- The Bill begins passage through legislative review this week as part of a wider government push to support SMEs with measures including business rates relief and lower energy bills.
18 Articles
18 Articles
The Northern Echo
Construction workers among biggest winners as law changes to help thousands
The new Small Business Protections Bill would force large firms to pay suppliers within 60 days and crack down on unpaid invoices.
Landmark UK bill tackles persistent late payment culture
The UK government has introduced a Bill to tackle late payments, aiming to improve cash flow and ease pressure on retail and supply chain suppliers.The post Landmark UK bill tackles persistent late payment culture appeared first on Retail Insight Network.
Retentions ban bill to be tabled in Parliament today
The government is formally introducing legislation today that would ban retentions under construction contracts as part of a wider crackdown on late payments to small firms. The Small Business Protections Bill, officially known as the Commercial Payments Bill, would also cap payment terms at 60… The post Retentions ban bill to be tabled in Parliament today appeared first on Construction News.
Landmark Bill Targets Late Payments to Protect Small Businesses
The UK Government has introduced major new legislation aimed at tackling late payments to small businesses, with ministers describing it as the toughest crackdown in more than 25 years. The new Small Business Protections Bill was introduced to Parliament on Tuesday and is designed to strengthen protections for sole traders, freelancers and smaller firms across the country. Under the proposed legislation, large companies would face a strict 60 da…
Kyle vows no climbdown on late payment crackdown as landmark bill enters parliament
Peter Kyle has issued a defiant message to the boardrooms of corporate Britain: the government’s long-awaited crackdown on late payments will not be diluted, no matter how loudly big business lobbies against it. In an interview with Business Matters, the Business Secretary said he would not “resile from delivering” what he described as a “step change in the relationship between all larger businesses and their supply chains” as the Small Business…
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