Government crack down on late payments

ODN

The government are cracking down on late payments by cutting red tape for small businesses. Discussing the plans, Business Minister Gareth Thomas said: "We are determined to crack down on late payments. It costs £11bn to the UK economy every year. Potentially very significant fines if companies continue to make payments later in the day."   Report by Kennedyl. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn

Transcript

00:00So we're committing today to our plan for small businesses. This is labour on the side

00:06of small businesses, determined to crack down on late payments, which is a national scandal

00:11that's been going on for far too long. It costs £11bn to the whole of the UK economy

00:18every year and it sees 38 businesses a day going to the wall because of those late payments.

00:26So we're announcing today new measures for the Small Business Commissioner, new powers

00:30for her to use to crack down on late payments, potentially very significant fines if large

00:36companies continue to make payments very late in the day and maximum payment terms. So formal

00:44consultation period beginning today and we will then seek to bring those measures into

00:50law through Parliament.

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