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UK Tackles Late Payments with New Legislation

8/1/2025

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Summary

Story summary

The UK government is taking a stand against late payments, with Prime Minister Keir Starmer announcing new legislation that fines companies for consistently delaying supplier payments. With strict deadlines of 30 days and a maximum of 60 days, this initiative seeks to combat the staggering £11 billion annual cost of late payments, which leads to 38 businesses closing their doors every day.

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Story summary

The UK government is taking a stand against late payments, with Prime Minister Keir Starmer announcing new legislation that fines companies for consistently delaying supplier payments. With strict deadlines of 30 days and a maximum of 60 days, this initiative seeks to combat the staggering £11 billion annual cost of late payments, which leads to 38 businesses closing their doors every day.