Government unveils game-changing' payment law reforms to protect small businesses

"The government has unveiled what it describes as the toughest crackdown on late payments to small businesses in more than 25 years, pledging to protect firms from practices that force over 1,000 closures monthly and cost the UK economy an estimated 11 billion each year."

"Central to the new measures are enhanced powers for the Small Business Commissioner, who will now be able to investigate poor payment practices, adjudicate disputes, and impose fines on the worst offenders."

"These penalties could amount to tens of millions of pounds for companies that persistently delay payments or fail to comply with the new regulations."

The government has announced significant reforms to tackle late payments to small businesses, which are causing over 1,000 closures monthly and costing the UK economy £11 billion annually. These new laws will provide enhanced powers to the Small Business Commissioner, allowing investigations into poor payment practices and the ability to impose fines on offenders. The reforms aim to create the strongest regulations on late payments among G7 nations, ensuring timely remuneration for tradespeople, freelancers, and the self-employed.

Read at www.independent.co.uk