Latest News | 3 October 2024

Chamber welcomes late payment crackdown

Bondholders:
East Midlands Chamber
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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 chamberโ€™s director of policy and insight, said: โ€œSmall businesses shouldnโ€™t have the hassle of having to wait to get paid for the products and services theyโ€™ve provided in good faith.

โ€œAn entire supply chain is adversely affected by a single bad payer and a self-employed person shouldnโ€™t be having to worry whether they can pay their bills after someoneโ€™s benefited from their work if an invoice isnโ€™t settled promptly.

โ€œIf 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 itโ€™s something the chamber and its members welcome.โ€


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