The Department for Business and Trade have announced a package of new measures to address late payment.
This includes:
• Introducing secondary legislation to make it a requirement for large companies to include their headline payment data in their annual reports;
• Launching a new Fair Payment Code overseen by the Small Business Commissioner; and
• Launching a public consultation on further measures in the coming months.
Further information can be found here.
Updated guidance on the statutory reporting duty for payment practices and performance for large companies has also been published. This update incorporates amendments brought forward by the Reporting on Payment Practices and Performance (Amendment) Regulations 2024 (S.I.2024/444).
