Small Businesses: Billing

Question

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.