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UK Government Unveils Proposals to Help Businesses Tackle Late Payment

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Following a Downing Street summit on UK payment practices, the Government has recently revealed new proposals, which are aimed at helping businesses across the country tackle the issue of unfair payment terms and other unfair payment practices

Said proposals not only involve the introduction of new laws altogether, but also involve improvements being made to the existing relevant codes of practice:

In particular, the Government's plans include:

  • consulting on ways to tackle poor payment practices, such as by giving representative bodies greater powers to challenge grossly unfair payment terms and practices
  • leading by example on public sector procurement
  • new laws to increase transparency on the payment practices of large and listed companies and help change corporate payment culture
  • toughening up the Prompt Payment Code
  • giving the Groceries Code Adjudicator the power to fine supermarkets for breaching the Groceries Supply Code of Practice

Following a sterling work by bodies including the Federation of Small Businesses (FSB), 'payment issues' are a hot topic for discussion.

Commenting, Vince Cable, Business Secretary stated:

"Large companies using their economic might to impose unreasonable terms on their suppliers causes real problems for small businesses. It is a significant issue and there is agreement that we need to keep the pressure up to bring about real change. This is about making the UK a fairer and more trusted place to do business."

Similarly, Matthew Hancock Business Minister commented:

"Small businesses are the economic backbone of the UK, but some large companies are squeezing the life out of them by imposing unreasonable payment terms. This behaviour must stop, once and for all. I want to pay tribute to the efforts of the FSB in highlighting these payment practices and for working with us to start stamping them out. Greater transparency is key and we are setting an example in government, by committing to paying 80% of our invoices within 5 days, with a maximum of 30-day terms on all public sector contracts."

Contact us - Commercial Debt Recovery Solicitors London

Advantage Litigation's Commercial Debt Recovery Solicitors understand how securing funds that are owed can detract from a business's success. We are very familiar with the law in this area and will be able to handle every aspect of the process for you. We will also discuss the various finance options available and help you find a way of funding. Click here to contact us today or call 0800 160 1298.

 

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