Tackling the scourge of late payment

The heat is on big business as a package of new measures looks to end the blight of late payment that puts so much pressure on smaller suppliers.

When these businesses are paid late it stifles growth, causes financial hardship and can even force companies out of business. Late payments are currently estimated to cost the UK’s SMEs a massive £6.7bn annually.

Announcing the new measures, the minister for small business Kelly Tolhurst declared: “They will ensure that small businesses are given the support they need and ensure that they get paid quickly – ending the unacceptable culture of late payment.”