‘It's time to pay up', says Starmer in late payments crackdown
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
ITV News
an hour ago
- ITV News
Jersey's government reveals 25-year investment plan to fight culture of 'short-termism'
Jersey 's government has revealed plans to set aside around £80 million a year to invest in capital infrastructure. Ministers want to set up a dedicated fund, ringfencing money for planned projects over the next 25 years. They include building thousands more homes, a new college in the centre of St Helier, improved road and water infrastructure and upgraded sports facilities. If approved, the money would be siphoned off from next year and given legal protection against being spent elsewhere. Jersey's Chief Minister, Deputy Lyndon Farnham, adds: "Sometimes ministers have taken money from the capital expenditure where it is not immediately noticed. Doing that for years has led to a situation where some of our infrastructure is starting to show its age. "There's been no coordinated approach, there's not been one consolidated plan that looks right across the public sector to make sure we have a structured, properly-funded capital plan. "We also need to create a platform to rebuild hope and confidence." Highlands College would be refurbished and relocated under the plans, with an accessible, purpose-built campus for Further and Higher Education. Principal Jo Terry-Marchant says: "It's really important for Jersey. More modern, fit-for-purpose facilities will allow us to widen access and opportunity to all age groups. "What is refreshing about this is that they are looking at the interconnected nature of different priorities across the island ... We have needed this for probably more than a decade." Paul Wylie, Chief Officer of the Cabinet Office, adds: "We know Highlands College campus needs renovating, so we're exploring putting it in the town centre. "That brings young people into the town centre and it frees up amazing sites at the top of the hill for family housing." The public is not expected to pay for the projects with extra taxes. Instead, from next year, the Government's annual capital allocation - approximately £80 million - will be ringfenced in the new Jersey Capital Investment Fund. Where needed, money may also be reallocated from other areas or borrowed to support major infrastructure projects. Mr Wylie also believes a change of approach is needed for the island's housing. He explains: "Our partners in Andium Homes and States of Jersey Development Company will be prioritising family-size homes of three or four bedrooms, as opposed to flats as in the past." However, backbench politicians are already questioning whether the Government will have enough funds to pay for everything that is planned. Deputy Max Andrews says: "The money has to come from somewhere ... I can understand the reason behind the decision to bring forward this new fund, but with the number of properties the Government owns, we're talking about hundreds of millions of pounds of investment. "If we were spending our money more wisely, we wouldn't be in this position in the first place." Business leaders are also asking for more clarity on the plans for investment. Jersey's Chamber of Commerce President, Lee Madden, explains: "Ambition must be matched by delivery. Our members are asking the same questions the public will be: how will this be paid for, and will it be delivered on time?" Meanwhile, Jersey's Hospitality Association have thrown their support behind the plan, stating: "This is a long-overdue step in recognising that sustainable economic growth, particularly in the visitor economy, cannot happen without Government first delivering the essential infrastructure that enables it. "But words on a page are not delivery. While we strongly support this document's content and its direction, the success of this vision will depend entirely on competent, accountable leadership." The States will vote on whether to greenlight the Government's proposals later this year.
ITV News
an hour ago
- ITV News
Failed attempt to house asylum seekers on former Lincoln airbase cost at least £48m
Home Office accounts have revealed £48m was wasted on a plan to house asylum seekers on a former Lincoln airbase. In March 2023, it was announced RAF Scampton was to house 2,000 migrants as part of proposals by the previous Conservative government to reduce the reliance on hotels. The scheme was met with widespread anger and disbelief in the local area. Plans were scrapped in September as part of an election pledge by the new Labour administration. Nobody was ever housed at the site – the former home of the Dambusters – despite millions being poured into the project. The level of losses have recently been published in the Home Office's accounts for the last year. It also showed costs could have ballooned as high as £180m if the project had been pursued for another three years. The government has previously admitted that a total of around £60m was spent on the site, of which £48.5m has been recorded as a loss. Lincoln MP Hamish Falconer told ITV News: "I'm honestly furious. I've been opposed to this plan since the very beginning. We always said this wasn't going to work for lots of obvious reasons. "I saw the site, just about a month ago, and I could not believe - with fury - all the NHS spending that has gone on in Scampton for a plan that was never going to work. That money should have gone on Lincoln County Hospital. "What we want to see is the site used for proper commercial purposes. It should be bringing in jobs. It should be reflecting the heritage of RAF Scampton. "Obviously, there is an issue in relation to asylum seekers that needs to be dealt with, but RAF Scampton should be for different purposes and that's what I've always said." Sarah Carter, from Save Our Scampton, said: "We're nearly a year down the line and we're still none the wiser what's going to happen here. "All that money wasted, and they're still wasting it. It's just haemorrhaging money, and we want an end to this so we can stop spending the money and so we know what's going to be happening." Backed by West Lindsey District Council, Scampton Holdings wants to develop the site. They're keen to push ahead with its regeneration plans to create a hub for heritage, aviation, defence and space. In a report shared with ITV News - the company said the project would bring in £5m every year to the local visitor economy, support more than 750 jobs, and generate an estimated £25m. Sally Grindrod-Smith is heavily involved in the West Lindsey District Council's plans for the regeneration with Scampton Holdings. She said: "I hear on a daily basis how frustrated the community are. You can see the site is deteriorating rapidly and there's real concerns over whether we'll be able to bring this back into use. "We've worked hard to make sure there are still investors interested, and our development partners are ready to go. "The council are committed, and we're ready to go once the home office get ready to sell the site." A Home Office spokesperson said: 'A review carried out in September 2024 determined that, due to decisions taken by the previous government, the costs associated with the Scampton site had surged well beyond initial estimates and no longer delivered value for money for taxpayers. 'The cost of exiting this site was minimal compared to the projected minimum £180 million required to keep it running until March 2027.'
New Statesman
2 hours ago
- New Statesman
Do politicians understand the internet?
The team answers listener questions on the practicalities of the online safety act, a Labour-Lib Dem coalition, and the revival of the commonwealth. Submit a question for a future episode: You Ask Us Subscribe to The New Statesman today from only £8.99 per month Subscribe Related
