Consultation launched on new powers to ensure small businesses are paid on time
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The Government has announced moves aimed at ensuring small businesses are paid on time.
Small business minister Paul Scully said £23.4 billion worth of late invoices are owed to small firms across Britain, impacting on their cash flow and even their survival.
A consultation has been launched on giving new powers to the Small Business Commissioner, including ordering firms to pay, and investigating bad practice.
Late payments are a terrible burden for small businesses
Mr Scully said: “Late payments are a terrible burden for small businesses, not only disrupting their cash flow but posing a threat to their survival in many cases.
“We are committed to tackling this problem, supporting small businesses at this critical time for the British economy by helping them to secure payment on time.
“I am pleased to open this consultation on expanding the commissioner’s powers and welcome the views of businesses that have been affected by this issue.”
