In his 2019 Spring Statement, Chancellor Philip Hammond outlined detailed plans to tackle the issue of late payments in the UK.
The Chancellor reiterated the government's commitment to combat the 'scourge of late payments' for UK small businesses. Mr Hammond announced that, going forward, company audit committees will be required to review payment practices and report on them in their annual accounts.
Commenting on the announcement, Edwin Morgan, Interim Director General of the Institute of Directors (IoD), said: 'We are delighted the government has taken forward the IoD's specific proposal to tackle late payments. This is a thorn in the side for many small firms, and the reform will ensure the issue gains the board-level attention it deserves at big companies, without compromising good corporate governance.'
A full response to last year's call for evidence on the issue will be published by the government 'shortly'.