The UK government has unveiled new measures to support small businesses and the self-employed by tackling “the scourge of late payments,” which, according to the Smart Data Foundry, costs SMEs £22,000 a year and, according to FSB research, leads to 50,000 business closures a year. The government will consult on “tough” new laws that will hold larger firms accountable, while new legislation being brought in the coming weeks will require all large businesses to include payment reporting in their annual reports. Enforcement will also be stepped up on the existing late payment performance reporting regulations, which require large companies to report their payment performance twice yearly on GOV.UK. Prime Minister Keir Starmer said: “After years of delay, we’re bringing forward measures that small businesses have long been calling for to tackle late payments once and for all.” For more information, go to https://www.gov.uk/government/news/crack-down-on-late-payments-in-major-support-package-for-small-businesses.