Notice
Prompt payment and cash flow review
A scrutiny of current payment practices, measures and progress in combatting late payment, to help ensure we have the right arrangements in place to support small businesses.
Documents
Details
This Payment and Cash Flow review will scrutinise existing practices and measures, and the progress in combatting late payment, to ensure that the UK has the right arrangements in place to best support small businesses.
The review will be led by the Minister for Enterprise, Markets and Small Business, and report to the Secretary of State for Business, Energy and Industrial Strategy.
It will take stock of the government’s overall approach, with reference to:
- transparency and advocacy, including making recommendations on the role of the Small Business Commissioner, Small Business Minister, and BEIS in holding late paying firms to account
- progress made within different business sectors
- the culture and impact of late payment, including the impact of late payment on business sustainability and growth and on a range of factors impacting smaller firms
- existing government levers, including the role of the Small Business Commissioner, the Prompt Payment Code and Reporting on Practices and Performance Regulations, the role of public procurement, and the provision for statutory interest on outstanding debt
- finance and the role of banks
- technology
- awareness
Contact
If you have any queries about the review or the terms of reference, you can write to [email protected].