To ask the Secretary of State for Business and Trade, with reference to the oral contribution of the Minister for Services, Small Business and Exports of 26 February 2025, Official Report, column 857, whether his Department plans to undertake public consultation before bringing forward legislative proposals to reduce late payments.

In September 2024 we announced a package of measures to help ensure small businesses are paid promptly by the large businesses they supply.

This included launching a new Fair Payment Code and a commitment to including payment performance information in large companies’ annual reports, and the launch of a public consultation.

We will soon be launching our public consultation on further measures to address late payments and long payment terms, including new powers for the Small Business Commissioner to tackle large businesses who pay late.