LNB News 19/09/2024
Document Information
Issue Date: 19 September 2024
Published Date: 19 September 2024
Jurisdiction(s): England, Northern Ireland, Scotland and Wales
The Department for Business and Trade has announced a new package of measures which seeks to support small businesses by tackling the problems caused by late payments. A new Fair Payment Code, which will replace the Prompt Payment Code, will enable signatories to be awarded gold, silver or bronze status depending on a business’ payment standards. A consultation will also be launched on new laws intended to make large firms accountable, while new legislation, due to be brought in the coming weeks, will require all large businesses to include payment reporting in annual reports. In addition, the DBT published its research into late payments, what causes them and how they affect payment performance and practices.
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