“Late payments are damaging to the economy, threatening jobs and the survival of otherwise productive businesses. Time spent chasing payments is time that is not being used by businesses to win new work and grow, and this legislation will make a real difference to payment culture.”
Commenting more widely on the King’s Speech, ICAEW Chief Executive Alan Vallance said:
“The government faces tough choices as it reels from last week’s local election results amid global uncertainty caused by the Iran war. Even with this planned legislation, top of the list must be prioritising measures to enable the economic growth the country needs. Earlier this month, the ICAEW members we asked said the government should prioritise tax simplification, provide regulatory clarity on AI and update the skills framework.
“Our members tell us that doing business is too complicated, too expensive, and too uncertain. We hope the government will commit reducing the burdens on business to drive economic growth and boost confidence.”
ENDS
Notes to editors:
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About ICAEW
Chartered accountants are talented, ethical and committed professionals. ICAEW represents more than 210,000 members and students around the world. 98 of the top 100 global brands employ ICAEW Chartered Accountants.* 87% of FTSE 100 companies, and 81% of FTSE 250 companies in the UK, have an ICAEW member on their board.
Founded in 1880, ICAEW has a long history of serving the public interest and we continue to work with governments, regulators and business leaders globally. And, as a world-leading improvement regulator, we supervise and monitor around 11,000 firms, holding them, and all ICAEW members and students, to the highest standards of professional competency and conduct.
We promote inclusivity, diversity and fairness and we give talented professionals the skills and values they need to build resilient businesses, economies and societies, while ensuring our planet’s resources are managed sustainably.
ICAEW is working towards becoming net zero, demonstrating our commitment to tackle climate change and supporting the UN Sustainable Development Goal 13.
ICAEW is a founding member of Chartered Accountants Worldwide (CAW), a global family that connects over 1.8m chartered accountants and students in more than 190 countries. Together, we support, develop and promote the role of chartered accountants as trusted business leaders, difference makers and advisers.
We believe that chartered accountancy can be a force for positive change. By sharing our insight, expertise and understanding we can help to create sustainable economies and a better future for all.
* includes parent companies. Source: ICAEW member data March 2025, Interbrand, Best Global Brands 2024.
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