The UK government has introduced the Small Business Protections Bill to Parliament, describing it as the toughest late-payment regime in the G7. The Bill would impose a 60-day cap on payment terms for large firms paying smaller suppliers, make late-payment interest mandatory at 8% above the Bank of England base rate, and ban retention payments in construction contracts. It would also give the Small Business Commissioner stronger powers to investigate poor payment practices, adjudicate disputes and fine persistent late payers, with potential penalties worth tens of millions. The government says late payments close 38 businesses every day and cost the UK economy £11 billion a year. For more information, go to https://www.gov.uk/government/news/largest-crackdown-on-late-payments-in-over-25-years-as-landmark-bill-enters-parliament.
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