The government has unveiled what it describes as the toughest crackdown on late payments to small businesses in more than 25 years, pledging to protect firms from practices that force over 1,000 closures monthly and cost the UK economy an estimated £11 billion each year.
The reforms are set to create the strongest laws on late payments among G7 nations, ensuring that small businesses, including tradespeople, freelancers, and the self-employed, receive timely remuneration for their work.
