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Written question asked by Jonathan Lord (Conservative) on Wednesday, 13 September 2023, in the House of Commons. It was due for an answer on Monday, 18 September 2023. It was answered by Kevin Hollinrake (Conservative) on Wednesday, 20 September 2023 on behalf of the Department for Business and Trade.

Small Businesses: Billing

Question

To ask the Secretary of State for Business and Trade, what steps her Department is taking to help ensure that SMEs are paid on time by larger firms.

Answer

The Government is aware that late payment remains a significant problem for small businesses across the country. That is why at the beginning of 2023 the Government launched a review of Cash flow and Prompt Payment, alongside a public consultation on the Payment Performance Regulations. The findings of the review, alongside the consultation response, will be published later in 2023.

The Government will use the findings of this review to improve the Payment Performance Regulations, the Small Business Commissioner, and the Prompt Payment Code to improve payment culture in the UK, to reduce late payments and its impact on SMEs.

Secondary information

Type
Written question
Reference
199360
Session
2022-23
Subjects
Billing Small businesses
Link
View this Written question on www.parliament.uk