‘It's time to pay up', says Starmer in late payments crackdown
Sir Keir Starmer has said 'too many hardworking people are being forced to spend precious hours chasing payments' in a process which he described as 'exhausting'.
As part of a drive to support small businesses, the Government is set to unveil plans to give the small business commissioner bolstered powers to fine large companies which persistently pay their suppliers late.
The commissioner will also receive new powers to enforce a rule that customers must pay their supplier within 30 days of receiving a valid invoice, unless otherwise agreed, with spot checks to help identify breaches.
Upcoming legislation will also introduce maximum payment terms of 60 days, reducing to 45 days.
'From builders and electricians to freelance designers and manufacturers — too many hardworking people are being forced to spend precious hours chasing payments instead of doing what they do best – growing their businesses,' Sir Keir said.
'It's unfair, it's exhausting and it's holding Britain back.
'So, our message is clear, it's time to pay up.
'Through our small business plan, we're not only tackling the scourge of late payments once and for all, but we're giving small business owners the backing and stability they need for their business to thrive, driving growth across the country through our plan for change.'
The crackdown on late payments is part of a wider Government package and sits alongside a move to pump £4 billion of financial support into small business start-ups and growth.
This is set to include £1 billion for new firms, with 69,000 start-up loans and mentoring support.
'This country is home to some of the brightest entrepreneurs and innovative businesses in the world, and we want to unleash their full potential by giving them back time and money to do what they do best – growing our local economies,' Business Secretary Jonathan Reynolds said.
'Our small business plan – the first in over a decade – is slashing unnecessary admin costs, making it easier for businesses to set up shop and giving SMEs (small and medium-sized enterprises) the financial backing they need.'
Andrew Griffith, the Conservative shadow business secretary, said: 'Cracking down on late payments will be welcome for small business but will mean nothing for the 218,000 businesses that have closed under Labour.
'The reality for businesses under Labour is a doubling of business rates, a £25 billion jobs tax and a full-on strangulation of employment red tape.
'Only the Conservatives are on the side of the makers and will support businesses across Britain to create jobs and wealth.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
7 minutes ago
- Yahoo
Moore Kingston Smith acquires CBWR
Moore Kingston Smith, an accountancy firm based in the UK, has confirmed the acquisition of CBW Recovery (CBWR), a partnership of insolvency practitioners located in London, for an undisclosed sum. The integration of CBWR introduces a team comprising two licensed insolvency practitioners and 11 other professionals, under the leadership of Joe Colley. This development is intended to augment the firm's existing services in the insolvency sector. CBWR is noted for its expertise within the nonprofit sector, which aligns with Moore Kingston Smith's audit and advisory services. The firm has indicated that it is the first accountancy firm in the UK to obtain private equity investment to facilitate its mergers and acquisitions strategy while retaining its partnership structure. CBWR partner Joe Colley said: 'This is a pivotal moment for CBW Recovery and a step we're taking to further our ability to best help those navigating tough and complex situations. 'Beyond clients' restructuring and insolvency needs, they now have instant access to experts across a multi-disciplinary professional services practice, plus an international reach through the Moore Global network.' This acquisition follows Moore Kingston Smith's previous expansions, including the purchases of Shipleys in October 2024, WMT in June 2025, and Moore Northern Ireland in August 2025, with CBWR being the most recent addition to its operations. Moore Kingston Smith managing partner Matt Meadows said: 'With insolvencies on the rise, the need for skilled, trusted advisers to help clients navigate the challenges they're facing, with the ability and understanding required, is greater than ever. 'CBWR's skills, quality work and impressive referrer base make this merger a great fit with our strategy and goals, as we continue strengthening our expertise and reach across the UK and beyond. 'The additional skills and resource they bring benefit our clients, our team and our referrers with an integrated service offering that makes the most of our specialisms.' "Moore Kingston Smith acquires CBWR" was originally created and published by International Accounting Bulletin, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Bloomberg
10 minutes ago
- Bloomberg
Philippines' House Challenges Court Ruling Invalidating VP Duterte's Impeachment
The Philippines' House of Representatives on Monday asked the Supreme Court to reverse its decision nullifying the impeachment case against Vice President Sara Duterte over an apparent threat to assassinate President Ferdinand Marcos Jr. The House filed an appeal before the high court, which unanimously decided last month that the complaint against Duterte defied the constitutional rule that only one impeachment proceeding may be initiated against the same official within one year.
New York Times
10 minutes ago
- New York Times
From Triumph in Iran to Starvation in Gaza: Netanyahu Squanders His Moment to Halt the War
When Benjamin Netanyahu, the Israeli prime minister, led the country to a military victory over Iran in June, both his allies and rivals portrayed it as his finest achievement. Flush with newfound confidence and authority, Mr. Netanyahu seemed finally to have gained the political capital he needed to override opposition from his far-right government allies to a truce in Gaza. Six weeks later, the prime minister has squandered that moment. The talks between Hamas and Israel are, once again, stuck. Israel is now pushing for a deal to end the war in one go, instead of in phases. But like Hamas, Mr. Netanyahu has refused to make the compromises needed for such a deal to work — and the credit that he accrued in June has evaporated, both domestically and overseas. International condemnation of the growing starvation in Gaza, which aid agencies and many foreign government have largely blamed on Israel's 11-week blockade on the territory this year, is at its peak. Partly to protest Israel's responsibility for that situation, several longstanding allies of Israel have recognize a Palestinian state, or pledged to do so in the near future. Domestic opposition to the Gaza war is at an all-time high, and calls are growing for the remaining hostages held by Hamas to be returned through a diplomatic deal. Israel's ability to sustain the war, amid growing fatigue among its military reservists, is increasingly under question. After a rise in death by suicide by reserve soldiers, the military has set up a committee to investigate how to better support those leaving service. 'Israel is in the tightest spot it has been in at any point in the war,' said Michael Koplow, an analyst at Israel Policy Forum, a New York-based research group. 'It is dealing with a societal crisis over the continued war and plight of the hostages, a military crisis over the lack of clear aims and reservist fatigue, a diplomatic crisis over its close European allies lining up to unilaterally recognize Palestinian statehood, and an existential crisis over its eroding standing in the U.S.,' Mr. Koplow said. The protraction of the Gaza conflict also reflects President Trump's failure to capitalize on the leverage he accrued during the war with Iran. By joining Mr. Netanyahu's attacks, Mr. Trump gave Israel a symbolic victory. At the time, analysts expected him to demand that Mr. Netanyahu repay the favor by drawing the Gaza war to a close. 'He had all the leverage in the world to say to Netanyahu: 'Now we need to end this,'' said Daniel B. Shapiro, a fellow at the Atlantic Council, a Washington-based research group, and a former U.S. ambassador to Israel. 'Instead, Netanyahu seemed to persuade Trump to give him more time,' said Mr. Shapiro. 'Now, things are just dragging and dragging.'
