Chamber welcomes late payment crackdown

East Midlands Chamber has welcomed new government measures designed to stop late payments to small businesses.

The Department for Business and Trade has announced plans to bring in a new Fair Payment Code, which includes awarding firms that pay within 30 days and sets out rules on company payment reporting.

According to the chamber, the measures are particularly good news for SMEs.

Richard Blackmore, the chamber’s director of policy and insight, said: “Small businesses shouldn’t have the hassle of having to wait to get paid for the products and services they’ve provided in good faith.

“An entire supply chain is adversely affected by a single bad payer and a self-employed person shouldn’t be having to worry whether they can pay their bills after someone’s benefited from their work if an invoice isn’t settled promptly.

“If these measures are able to bring to an end the practice of late payment and can help small businesses move forward, to invest and create new jobs, then it’s something the chamber and its members welcome.”