May 17, 2018
Paul Uppal says the measure would give his role more clout
Late payments are a serious issue for small businesses, costing them around £2bn per year. Now in an effort to solve the problem, Small Business Commissioner, Paul Uppal, wants the power to impose financial penalties on big businesses who delay in settling their bills.
Uppal made the statement at the opening to the inquiry into small businesses and productivity, saying: "Having the ability to fine focuses the mind and brings more credibility to the role.”
Currently, companies can report late payments via the Small Business Commissioner’s website, where they can ask for help solving the payment issues they’re facing. The website has attracted 3,700 unique visits and 48 complaints so far.
The Commissioner’s view was also echoed in a report released by IPSE, outlining some of the issues facing self-employed people.
But will late payment fines ever become a reality? We’ll certainly be watching the debate carefully in the months ahead!