Consultation launched on proposals to ensure suppliers are paid promptly

The UK government's Department for Business and Trade has opened a consultation on proposed legislation aimed at ensuring companies pay their suppliers on time.

As detailed in their recently published policy paper entitled Backing your business: our plan for small and medium-sized businesses, the Department plans to introduce legislation that will put an end to the cycle of late payments "which costs the UK economy £11bn per year and closes down 38 UK businesses every day."

The public consultation on these proposals will garner views on how adequately they might tackle poor payment practices if implemented, and comment from businesses, trade representatives and all interested parties is actively welcomed.

The consultation closes on 23 October. Find out more, and participate, by visiting the open consultation page on the UK government website.