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Government Unveils Significant Legislative Reforms to Crackdown on Late Payments to Businesses
The government is introducing major reforms to tackle late payments, which it says cost the UK economy £11 billion a year and cause 38 businesses to close daily. The new laws will give the Small Business Commissioner stronger powers, including the ability to fine large firms millions of pounds if they repeatedly delay payments to suppliers. Once in place, the government says these measures will make the UK’s late payment laws the toughest in the G7. The changes form part of the wider Plan for Change, designed to support small businesses and boost growth.
Business and Trade Secretary Jonathan Reynolds said the UK is home to world-class entrepreneurs and firms, and these reforms will free up time and money for them to focus on growth. He added that the government’s new Small Business plan, the first in over a decade, is cutting unnecessary admin, making it easier to set up businesses, and providing SMEs with vital financial support. According to Reynolds, this is the Plan for Change in action: strengthening local communities, putting more money in people’s pockets, and ensuring Britain remains a great place to do business.
Autumn Budget to Be Delivered on 26 November
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HM Treasury has confirmed that the Autumn Budget will be delivered on 26 November by Chancellor of the Exchequer Rachel Reeves, alongside the Office for Budget Responsibility’s latest outlook on the economy and public finances.
The Budget will outline tax plans and government spending commitments across health, schools, police and other public services.
Reeves said Britain’s economy “isn’t broken” but “not working well enough for working people”, pointing to high bills and ongoing cost of living pressures. She emphasised the need to control spending under strict fiscal rules while using “investment and reform” to deliver growth.
In a recent video message, Reeves highlighted government actions over the past year, including raising the minimum wage, cutting NHS waiting lists, reforming planning rules to build 1.5 million homes, promising billions for infrastructure, and securing trade deals with the US, India and the EU.
She pledged to prioritise “more pounds in your pocket, an NHS there when you need it, and opportunity for all.”
