11/08/2018 | News release | Distributed by Public on 11/08/2018 03:57
Published on: 08 November 2018
The UK Government is trying to address the continuing problem of late payments to small businesses by large companies which abuse their position in the market.
In recent years the government has taken steps to tackle the problem of late payment, introducing measures such as the Small Business Commissioner and the Payment Practices Reporting Regulations.
According to official data, as of 2017, the amount owed to smaller businesses in late payments more than halved from the previous five years, but government believes it must go further to tackle unfair payment practices. The government has stated that the level of late payment debt owed to small and medium-sized businesses remains far too high and many small firms still have no choice but to trade on terms which are too long, imposed on them by larger customers.
This call for evidence seeks views on what more the government can do to create a responsible payment culture, including:
The call for evidence is part of the modern Industrial Strategy aimed at improving the country's business environment and helping small businesses deliver growth and jobs.
The full Call for Evidence document is available on the GOV.UK website. The Call for Evidence closes on 29 November 2018 and to provide rel='noopener noreferrer' feedback, businesses can: