Commercial Late Payment to be tackled by Government’s Fair Payment Code

The Government has announced the launch of a new Fair Payment Code aimed at tackling late payments, with research showing that SMEs are on average owed £22,000 a year. It comes on top of an earlier announced consultation which will investigate the scale of the problem and best solutions.
Tackling Commercial Late Payment
The code, overseen by the Small Business Commissioner Liz Barclay, introduces a gold, silver, and bronze system to reward best payment practices and help smaller firms