"We are pleased to see the Government taking meaningful steps to address the persistent issue of late payments. Our members have long reported the strain caused by extended payment terms, especially when they are required to pay contractors within days while waiting months for reimbursement from end clients. These proposals reflect many of the changes we've called for, and we're encouraged by the direction of travel."
"In its response to the 'Late payments consultation: tackling poor payment practices', which closed last week, APSCo expressed broad support for the proposed reforms, which aim to improve transparency, accountability, and fairness in business-to-business payment practices. The trade association noted that many of the recommendations it submitted in 2022 - and raised in ongoing discussions with Government decision makers - are now being addressed under the current proposals."
APSCo UK welcomed the UK Government's consultation on tackling poor payment practices and praised inclusion of measures long advocated by the organisation and its members. APSCo expressed support for reforms aiming to improve transparency, accountability, and fairness in business-to-business payment practices. Many recommendations submitted in 2022 and raised in discussions with Government are now being addressed. The consultation proposes board-level oversight of payment performance, statutory limits on payment terms, and enhanced powers for the Small Business Commissioner. APSCo said these reforms should ease financial pressure on SMEs and second-tier suppliers, particularly in recruitment and outsourcing supply chains, and urged action on complex billing and 'pay when paid' terms.
Read at London Business News | Londonlovesbusiness.com
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