Business Secretary details late payment crackdown

ODN

The business secretary has unveiled plans to crack down on late payments to ease the burden on small businesses. Jonathan Reynolds said the small business commissioner is to be given powers to fine large companies which continue to pay their suppliers late. Report by Kennedyl. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn

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00:00Late payment is the number one issue raised by smaller businesses with their business organisations and with the government.

00:06And it costs a staggering amount of money to the country every year.

00:10About £11 billion in lost economic activity.

00:1338 businesses close a day because of problems with late payment.

00:17So we are going to become the government that actually tackles this.

00:20The UK will become the country in the G7 with the most robust framework around us.

00:25A whole series of changes including some legislative changes that we will do.

00:28I think most people would say if you are a small business delivering goods or services you should be paid promptly for us.

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