The UK Government has launched an important consultation on tackling the ongoing issue of late payments – a challenge that continues to hold back too many businesses. This forms part of the new Small Business Plan and proposes stronger protections for small firms, including increased powers for the Small Business Commissioner to address poor payment practices.

Late payments cost the UK economy an estimated £11 billion every year, with around 38 businesses forced to close their doors each day as a result. This consultation is a vital opportunity for businesses of all sizes to make their voices heard and influence reforms that could lead to faster, fairer payment terms – improving cashflow and enabling growth.

The Department for Business and Trade is inviting views from across the business community: small firms, larger organisations, trade bodies, and finance providers. By sharing your experiences and recommendations, you can help ensure the new framework reflects the real-world pressures faced by businesses every day.

Louise Wall, Chief Executive Officer of the Northamptonshire Chamber of Commerce, said:
“This is a real opportunity for our members to play a part in shaping meaningful change. We know that late payments can cause significant strain on businesses, limiting their ability to grow and thrive. By taking part in this consultation, Chamber members can ensure their experiences and perspectives influence the solutions put forward – making a difference not just locally, but nationally.”

The consultation is open until 23rd October, and we strongly encourage Chamber members to respond and share it within their networks.

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