The UK government is carrying out consultations to see if cracking down on firms who refuse to pay up on time has much support.
The government has been running an open consultation on amendments to the Payment Practices and Performance Regulations 2017. The main aim of the consultation is to get a sense of the desire to see the existing regulations extended beyond the proposed expiry date of 6 April 2024.
Kevin Hollinrake MP, minister for enterprise, markets and small business, stated that the government aimed to stand behind businesses and make payments more transparent.
“As a critical part of our support, government has been proactive in attempting to stamp out the worst kind of poor payment practices within the business community. The Payment Practices Reporting duty aims to increase transparency in payment behaviour to drive improvements in payment practices,” he said.
“It aims to assist suppliers by providing access to the information they need to make informed decisions about which businesses they trade with, negotiate fairer terms, and challenge large business customers to improve their payment practices,” he added.
Most in the channel want to see the late payment regulations are extended beyond next year to make sure that they combat late payments.
