Government proposals to fine large companies for failing to pay smaller suppliers on time.

The measures include:

• proposed new powers for the Small Business Commissioner to tackle late payments through fines and binding payment plans
• company boards to be held accountable for supply chain payment practices for first time
• the introduction of a new fund to encourage businesses to use technology to simplify invoicing, payment and credit management.

The government has also announced that responsibility of the voluntary code of best practice, the Prompt Payment Code, will be moved to the Small Business Commissioner.

Link to gov proposal – http://ow.ly/kzCg50uTRmI