IoD press release Late payments legislation a vital and long overdue step
Responding to the introduction of the Small Business Protections (Late Payments) Bill in the House of Lords today, Liz Barclay, IoD Special Advisor and former Small Business Commissioner, said:
“The starting gun is being fired today on the most significant crackdown on late payments in a generation. This Bill is a vital and long overdue step to help save thousands of the UK’s small businesses.
“For too long, sole traders, freelancers and family-run firms have been left exposed to poor payment practices, forced to absorb risk while larger organisations delay payments or impose excessive terms. This legislation rightly seeks to rebalance that relationship and provide meaningful protection to the smallest players in our economy.
“This is a welcome first step. It is now essential that its provisions are not watered down as it progresses through Parliament, and that any unintended consequences are carefully addressed. We stand ready to work constructively with the government to ensure the final legislation delivers lasting, practical impact for small businesses across the UK.”
