Small Businesses: Billing

Department for Business and Trade written question – answered at on 10 April 2024.

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Photo of Baroness Kennedy of Cradley Baroness Kennedy of Cradley Deputy Chairman of Committees

To ask His Majesty's Government what steps they are taking to help small businesses deal with late payments.

Photo of Lord Offord of Garvel Lord Offord of Garvel Parliamentary Under Secretary of State (Department for Business and Trade)

While the UK has a strong record of payment times, we are determined to see payment times fall to ensure that small businesses are given the best chance of succeeding. The Government set out policy actions in the Prompt Payment and Cash Flow which was published alongside the Autumn Statement in November 2023. These actions include extending Payment Performance Reporting Regulations with legislation being passed earlier this month, ensuring that large businesses are required to report their payment performance. The Review sets out other actions, including reforming the Prompt Payment Code and providing the Small Business Commissioner with broader powers.

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