Cable 'considering fines for late payers'
Business News 14 Aug 2013
Businesses that fail to pay their suppliers on time could incur a penalty under plans reportedly being considered by the Business Secretary Vince Cable. With small businesses owed more than £30 billion in outstanding payments, the Government is investigating a number of options to tackle what it describes as an 'unfair' late payment culture.
Introducing a late payment levy on companies that do not pay their suppliers within 30 days is one idea being discussed. Currently, some small firms are forced to wait up to 180 days for payment, while others face even longer delays.
Other proposals under review include initiatives targeted at specific sectors such as construction, where the issue of late payment is believed to be particularly prevalent.
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