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Government action on late payments a positive first step but plenty of work still to do, ICAEW says

Author: ICAEW

Published: 06 Oct 2023

Simon Gray, Head of Business at ICAEW, responded to the government’s announcement that it will take action to tackle late payment of invoices to small businesses:

“Today’s announcement is a positive first step for small businesses grappling with late payments in the UK.

“Cash flow is critical for small businesses, particularly against a backdrop of ongoing economic challenges, and the new measures announced by the Business and Trade Secretary should improve payment culture and reduce the time wasted chasing debt.

“But there’s still plenty of work to do. As one member of ours put it at a recent roundtable discussion with the Small Business Commissioner, ‘everyone is paying everyone late’ and until legislation is introduced to reinforce payment terms, it’s likely to remain an acute problem for Britain’s small businesses.”


Notes to editors:

Contact: ICAEW media office media.office@icaew.com, tom.mackintosh@icaew.com