Banks to be given new powers to protect consumers against scams
New rules extend maximum delay for suspicious payments by 72 hours
Gives banks more time to investigate and break the spell of fraudsters
Banks will be given new powers to delay and investigate payments that are suspected of being fraudulent, helping to protect consumers against scammers.
New laws proposed by the Government today will extend the time that payments can be delayed by 72 hours where there are reasonable grounds to suspect a payment is fraudulent and more time is needed for the bank to investigate.
This will give banks more time to break the spell woven by fraudsters over their victims and tackle the estimated £460 million lost to fraud last year alone.
Economic Secretary to the Treasury, Tulip Siddiq said: “Hundreds of millions of pounds are lost to scammers each year, targeting vulnerable communities and ruining the lives of ordinary people.
“We need to protect these people better, which is why we are giving banks more time to investigate suspicious payments and break the criminal spell that scammers weave.”
Minister of State with Responsibility for Fraud, Lord Sir David Hanson said: “Fraud is a crime that can devastate lives, and anyone can be affected.
“That’s why measures like this are so crucial to provide banks the investigative powers they need to better protect customers from this appalling crime.”
Fraud accounts for over a third of all crime perpetrated in England and Wales, making it the most prevalent form of crime commitment in the country. This has been driven by a growing number of purchase scams and the emergence of so-called ‘romance scams’, where victims target vulnerable people and trick them into transferring large amounts of money by pretending to be interested in a romantic relationship.
The new rules will help protect people against these types of scams by allowing banks up to an additional 72 hours to investigate suspicious payments. Currently banks must either process or refuse a payment by the end of the next business day.
Which? Director of Policy and Advocacy, Rocio Concha said: “This is a positive step in the fight against fraud. While it should not affect the vast majority of everyday payments, it’s important that banks can delay a bank transfer and take action if they think a customer is being targeted by a scam.
“These measures should be used in a careful and targeted way. Financial firms of all sizes should also ensure they share intelligence and work with the police and other authorities to shut down accounts used for fraud and pursue the criminals behind them.”
UK Finance Managing Director of Economic Crime, Ben Donaldson said: “UK Finance has long called for firms to be allowed to delay payments in high-risk cases where fraud is suspected, and we are delighted to see proposed new laws supporting this.
“This could allow payment service providers time to get in touch with customers and give them the advice and support they need to avoid being coerced by the criminals who want to steal their money.
“This could potentially limit the psychological harms that these awful crimes can cause and stop money getting into the hands of criminals.”
Banks who have reasonable grounds to suspect a payment is fraudulent will need to inform customers when a payment is being delayed. They will also need to explain what the customer needs to do in order to unblock the payment.
The need for evidence to trigger a delay will help protect people and businesses from unnecessary payment delays. Banks will also be required to compensate customers for any interest or late payment fees they incur as a result of delays.
The Prime Minister will travel to Brussels today to continue his efforts to improve the UK’s relationship with the European Union to bolster the security, safety and prosperity of the British people.
Building on the ‘extensive and positive engagement’ which has taken place already, he will discuss his ambitions for the next few months with European Commission President Ursula von der Leyen, European Council President Charles Michel and President of the European Parliament Roberta Metsola.
The Prime Minister has set out his determination to move beyond Brexit and make the UK’s relationship with the EU work for the British people, and he remains focused on delivering a broad-based security pact, securing our borders and tackling barriers to trade.
He will say that at a time of growing instability in the world – with wars in Ukraine and the Middle East, as well as the rise of vile smuggling gangs trafficking people across Europe – it is increasingly important that like-minded countries co-operate more closely on areas of shared interest.
While he wants talks to deliver ambitious and improved co-operation with EU leaders, he has been clear there will be no return to the single market, the customs union or freedom of movement.
Prime Minister Keir Starmer said: “The UK is undeniably stronger when it works in lockstep with its closest international partners. This has never been more important – with war, conflict and insecurity all knocking on Europe’s door.
“We will only be able to tackle these challenges by putting our collective weight behind them, which is why I am so determined to put the Brexit years behind us and establish a more pragmatic and mature relationship with the European Union.
“Better co-operation with the EU will deliver the benefits the British people deserve – securing our borders, keeping us safe and boosting economic growth.”
The UK has chartered a flight to help meet any additional demand British nationals and their dependants wanting to leave Lebanon
The flight is scheduled to leave Beirut on Wednesday. Any further flights in the coming days will depend on demand and the security situation on the ground.
Vulnerable British nationals will be prioritised for this flight.
The UK government has chartered a commercial flight out of Lebanon to help British nationals wanting to leave following escalating violence in the region, the Foreign Secretary announced yesterday (30 September).
British nationals and their spouse or partner, and children under the age of 18 are eligible.
The government has worked with partners in recent weeks to increase capacity on commercial flights to enable British nationals to leave, and has now chartered a flight to provide additional capacity.
The flight is due to leave Beirut-Rafic Hariri International Airport tomorrow (Wednesday).
Those who have registered their presence with the Foreign, Commonwealth & Development Office will be sent details on how to request a seat. If you are a British national in Lebanon who has not already registered your presence, please do so immediately.
Vulnerable British nationals and their spouse or partner, and children under the age of 18, will be prioritised for this flight.
British nationals should not make their way to the airport unless they have a confirmed seat on the plane.
Foreign Secretary David Lammy said: “The situation in Lebanon is volatile and has potential to deteriorate quickly.
T”he safety of British nationals in Lebanon continues to be our utmost priority.
“That’s why the UK government is chartering a flight to help those wanting to leave. It is vital that you leave now as further evacuation may not be guaranteed”.
UK government officials have been working non-stop in London, Beirut and the wider region to provide support to British nationals. Last week, 700 troops, alongside Border Force and Foreign Office officials deployed to Cyprus to continue contingency planning for a range of scenarios in the region. An FCDO Rapid Deployment Team has also arrived in Lebanon to bolster the support offered by British Embassy officials.
The safety of British nationals in Lebanon, Israel and the Occupied Palestinian Territories (OPTs) continues to be the UK government’s utmost priority and the FCDO urges everyone to continue to follow the relevant travel advice, exercise caution, and monitor media in Lebanon for developments.
The UK has been calling for a ceasefire between Lebanese Hizballah and Israel for over a week and that further escalation must be avoided. A ceasefire would provide the space necessary to find a political solution in line with Resolution 1701.
UKHSA with DHSC and NHS to launch Get Winter Strong campaign to remind those at risk to get their vaccinations to fight off the onslaught of winter viruses
Latest UK Health Security Agency (UKHSA) data shows that over the past 2 winters (October to May, 2022 to 2023 and 2023 to 2024) at least 18,000 deaths were associated with flu, despite last winter being a relatively mild flu season.
While pandemic restrictions and social behaviours saw flu levels fall dramatically for a few years, these latest mortality figures are a stark reminder that flu is a deadly virus, particularly for older people and other groups at greatest risk.
Of real concern is the drop in the flu vaccine uptake rates last winter across all eligibility groups in England compared with the previous year (1).
While uptake in older people last year remained high, only 4 in 10 (41%) people with long-term health conditions, just over 4 in 10 (44%) 2- and 3-year-olds, and just 1 in 3 pregnant women received the flu vaccine.
Evidence shows the significant impact from last year’s flu vaccine with a 30% reduction in the number of those aged 65 and over being hospitalised and a 74% reduction in those between 2 and 17 years of age.
In the same two-year winter period the estimated number of deaths associated with COVID-19 was just over 19,500.
To help reduce the impact of winter viruses on those most at risk, as well as ease NHS winter pressures, UKHSA – with Department for Health and Social Care and NHS England – is set to launch a scaled-up Get Winter Strong campaign on the 7 October.
The campaign will urge those eligible to get their flu and COVID-19 vaccination when invited, ahead of winter, targeting those at greatest risk and for the first time will encourage pregnant women to also get their respiratory syncytial virus (RSV) and whooping cough vaccination.
Last year saw a sudden increase in the number of people having to be hospitalised, due to a flu peak in the week leading up to Christmas and then again at the end of January.
Pregnant women and older people aged 75 to 79 are also eligible for a RSV vaccination for the first time this year, with the maternal vaccine providing strong protection for newborns in their first few months, when they are most at risk of severe illness from RSV.
Dr Gayatri Amirthalingam, UKHSA Deputy Director of Immunisation: “As winter approaches we see many dangerous viruses circulating in our communities including flu, which tragically can kill thousands of people every year. Getting vaccinated ahead of winter is by far your best defence.
“If you’re pregnant or have certain long-term health conditions, you are at greater risk of getting seriously ill. Older people and young infants with flu are also much more likely to get hospitalised.
“So if you or your child are offered the flu, COVID-19 or RSV vaccines, don’t delay in getting them. Please speak to your nurse or doctor if you have any concerns.”
Maryam Sheiakh, a mother from Manchester, recounts the fear and anxiety she went through 2 years ago, when her then 4-year-old daughter, Saffy, spent more than a week at Royal Manchester Children’s Hospital after being admitted with flu, suffering with a severe cough and high temperature.
She was transferred to a High Dependency Unit as she was struggling to breathe and needed oxygen.
Maryam said: “I was seriously concerned we might lose Saffy. I honestly thought she might die from this. I was so distraught watching her struggling to breathe day after day, worried about her breathing difficulties and getting oxygen to the brain – would she be the same little girl before she got ill?
Thanks to the NHS staff, Saffy made a full recovery and, now aged 6, is thriving. Maryam, a nursery teacher, is now urging all parents to vaccinate their children to ensure they have the best protection against flu: “Just go and get it, don’t take the risk. No parent wants to watch their child suffer like we did with Saffy.
As of last week, millions of eligible people in England can now book their flu and COVID-19 vaccines through the NHS, with appointments starting from 3 October. For their RSV jab, pregnant women and older adults should speak to their maternity service or GP practice to arrange it, as the NHS rolls out additional protection for those most at risk ahead of winter.
Steve Russell, NHS National Director for Vaccinations and Screening: “Today’s data showing there were almost 20,000 deaths associated to flu over the past 2 winters is a shocking reminder that this is a seriously dangerous virus, and I urge those who are eligible to book their vaccine appointment as soon as they can as it is our best way of protecting those who are vulnerable as winter approaches.
“Thanks to the hard work of our NHS staff, life-saving flu, COVID-19 and RSV vaccines are being rolled out across the country in places that are as convenient as possible for people who need them. Flu and COVID-19 jab appointments are now available to book via the NHS website, the NHS App, or by calling 119 for free – making it as easy as possible for people to get vaccinated.”
Minister for Public Health and Prevention, Andrew Gwynne said: “I encourage everyone who is eligible to get their flu, COVID-19 and RSV vaccinations as soon as possible. They are without doubt the best way to protect yourself from these viruses that can cause serious harm.
Every year the World Health Organization recommends which strains should be included in the flu vaccine, with the UKHSA contributing to this work. Vaccines are then developed to help fight off the types of flu viruses expected to be circulating in the coming season. As the viruses can change every year, and protection from the vaccine reduces over time, it is important those eligible get a vaccine every year.
The Get Winter Strong campaign will run for 10 weeks and will appear on broadcast TV, on demand and community TV, as well as radio channels, outdoor poster sites across England and on social media channels.
AND IN SCOTLAND …
Vaccination will be offered to those at high risk of serious illness from flu and COVID-19. If you’re eligible, you’ll be contacted with information about your appointment.
For more information about the vaccine and eligibility, visit:
Scotland’s onshore GDP grew by 0.3% in July 2024 according to statistics announced by the Chief Statistician yesterday. This follows no growth in June 2024 (revised up from -0.3%).
In the three months to July, GDP is estimated to have grown by 0.3% compared to the previous three month period. This indicates a slight decrease in growth relative to the increase of 0.6% in 2024 Quarter 2 (April to June).
The two industries which made the biggest contribution to overall GDP growth in July were Manufacturing and Information and Communications Services, both of which contributed 0.1 percentage points of growth to headline GDP.
The UK Autumn Budget should focus on “investment and opportunity”, with more funding for public services, infrastructure and measures to eradicate child poverty, says Scotland’s Finance Secretary Shona Robison.
The Finance Secretary pledged to work with the UK Government and devolved administrations to ensure the Autumn Budget on October 30 “works for all four nations and delivers the change that people need”.
She called for the Chancellor to:
change the rules around borrowing to allow for greater investment in public infrastructure and services
reverse the forecast cut to capital funding, enabling the Scottish Government to invest more in hospitals, schools and transport
abolish the two child limit
deliver an Essentials Guarantee providing basic necessities for those who need them most
take greater steps towards delivering net zero, including by reforming motoring taxation
ensure any changes to tax take account of Scotland’s distinct and devolved tax system
https://twitter.com/i/status/1838594647918084161
Ms Robison said: “When I met with the Chancellor last month, we were in full agreement that we must put people first in all that we do. This principle must be at the heart of the decisions at the Autumn Budget.
“I want to work with the Chancellor, and the governments in Wales and Northern Ireland, to ensure that we have a Budget that works for all four nations and delivers the change that people need.
“It does not need to be another Budget of challenge and constraint. Instead it can be a Budget about investment and opportunity.
“We’re calling for measures to tackle child poverty and grow our economy. We’d like to see new rules around borrowing that support investment in public services. We want the UK Government to work hand in hand with the devolved administrations to provide the funding to deliver on our priorities.
“These are the choices I encourage the Chancellor to make.”
Young people urged to claim their Child Trust Fund
£2,200 on average waiting in unclaimed accounts
More than 670,000 18-22 year olds yet to claim their Child Trust Fund are reminded to cash in their stash as HM Revenue and Customs (HMRC) reveals the average savings pot is worth £2,212.
Child Trust Funds are long term, tax-free savings accounts which were set up, with the government depositing £250, for every child born between 1 September 2002 and 2 January 2011. Young people can take control of their Child Trust Fund at 16 and withdraw funds when they turn 18 and the account matures.
The savings are not held by government but are held in banks, building societies or other saving providers. The money stays in the account until it’s withdrawn or re-invested.
If teenagers or their parents and guardians already know who their Child Trust Fund provider is, they can contact them directly. If they do not know where their account is, they can use the online tool on GOV.UK to find out their Child Trust Fund provider. Young people will need their National Insurance number – which can be found easily using the HMRC App – and their date of birth to access the information.
Angela MacDonald, HMRC’s Second Permanent Secretary and Deputy Chief Executive, said: “Thousands of Child Trust Fund accounts are sitting unclaimed – we want to reunite young people with their money and we’re making the process as simple as possible.
“You don’t need to pay anyone to find your Child Trust Fund for you, locate yours today by searching ‘find your Child Trust Fund’ on GOV.UK.”
Third-party agents are advertising their services offering to search for Child Trust Funds and agents will always charge – with one charging up to £350 or 25% of the value of the savings account.
Using an agent can significantly reduce the amount received; is likely to take longer and customers still need to supply them with the same information they need to do the search themselves.
Gavin Oldham from The Share Foundation said: “If you are 18-21 years old, the government would have put money aside for you shortly after birth.
“This investment would have grown quite a bit and it’s in your name. The Share Foundation has linked over 65,000 young people to their Child Trust Fund accounts. It’s easy and free to find out where your money is.
In the last year more than 450,000 customers, with just their National Insurance number and date of birth, used the free GOV.UK tool to locate their Child Trust Fund.
More information on Child Trust Funds and how to access your savings can be found on GOV.UK.
750 schools with primary aged pupils funded for breakfast club pilot to run from April 2025
New Industrial Strategy to be published in spring
Decision to write off over £640 million in written off Covid PPE contracts reversed
HMRC to consult on e-invoicing for businesses and government departments
The Chancellor yesterday unveiled a package of measures to deliver on the agenda of the new government including a breakfast club pilot for 750 schools with primary aged pupils, new powers for the Covid Corruption Commissioner, e-invoicing to support business and the next steps on the Labour government’s industrial strategy.
School Breakfast Club Pilot
The Chancellor announced that up to 750 schools with primary aged pupils will be invited to take part in a £7 million breakfast club pilot. The funding will allow these schools to run free breakfast clubs for their pupils in the summer term (April-July 2025).
The Department for Education will work with the schools selected as part of the pilot to understand how breakfast clubs can be delivered to meet the needs of schools, parents and pupils when the programme is rolled out nationally.
This will help reduce the number of students at schools with primary aged pupils starting the school day hungry and ensure children come to school ready to learn. It will also support the government’s aim to tackle child poverty by addressing rising food insecurity among children.
Covid Corruption Commissioner
Reeves also announced a block on any Covid-era PPE contract being abandoned or waived until it has been assessed by the new Covid Corruption Commissioner, whom will be appointed in October.
The decision will affect £647 million of Covid PPE contracts where contract recovery was previously earmarked to be waived.
It follows action already in motion to cut government waste and curb unnecessary spending. In her statement to Parliament in July, the Chancellor pledged to halve government consultancy spend from 2025-26, with savings targets of £550 million this financial year and a further £680 million in the next already announced.
Excessive use of ministerial travel by aeroplane and helicopter is also being cutdown, with confirmation that a military contract for a helicopter also used for VIP trips, is not being renewed at the end of the year as previously announced.
Industrial Strategy
The Chancellor also today announced that the Industrial Strategy will be at the heart of the government’s mission to grow the economy, unlock investment and make every part of the country better off. It will focus on delivering long-term change to the economy by making Britain a clean energy superpower and accelerating to net zero, breaking down barriers to regional growth, and building a secure and resilient economy.
A green paper will be published around Budget in October outlining the long-term sectoral growth and priority industries of the government, ahead of the final strategy published in the spring of 2025 following a consultation with business.
HMRC package
Chancellor Reeves also outlined a package of reforms to improve the UK’s tax system to help fix the foundations of the UK economy.
As part of the package, HMRC will soon launch a consultation on electronic invoicing (e-invoicing) to promote its wider use across UK businesses and government departments.
The introduction of e-invoicing can significantly reduce administrative tasks, improve cash flow, boost productivity, introduce automation, and reduce errors in tax returns – all helping to close the tax gap. The consultation will gather input from businesses on how HMRC can support investment in and encourage e-invoicing uptake.
The Chancellor also announced that Exchequer Secretary to the Treasury James Murray, the minister responsible for the UK’s tax system, has become the Chair of the HMRC Board. This is to help oversee the implementation of his three strategic priorities for HMRC; closing the tax gap, modernising and reforming, and improving customer service.
It was also announced that a new Digital Transformation Roadmap, aimed to be published in Spring 2025, will set out HMRC’s vision to be a digital first organisation underpinned by customer insight. The Roadmap will include measures to ensure digital inclusion and support for customers who cannot yet interact digitally.
There was a further update that new staff are expected to join HMRC’s training programme in November as 200 additional offer letters have been issued as part of the 450 letters already sent. This is part of HMRC’s plans to recruit an additional 5,000 compliance staff to help close the tax gap.
New package of measures aimed at tackling scourge of late payments
New Fair Payment Code and fresh rules on company reporting and major consultation unveiled as part of package to tackle late payments
Scourge of late payments costs SMEs £22,000 a year with 56 million hours of lost productivity across the economy – acting as a major brake on growth
Comes as Business Secretary set to visit food and drink businesses in Manchester struggling with late payments
The government has unveiled new measures today to support small businesses and the self-employed by tackling the scourge of late payments, which according to the Smart Data Foundry is costing small businesses £22,000 a year on average and leads to 50,000 business closures a year according to Intuit QuickBooks,
The government will consult on tough new laws which will hold larger firms to account and get cash flowing back into businesses – helping deliver our mission to grow the economy.
In addition, new legislation being brought in the coming weeks will require all large businesses to include payment reporting in their annual reports – putting the onus on them to provide clarity in their annual reports about how they treat small firms. This will mean company boards and international investors will be able to see how firms are operating.
Enforcement will also be stepped up on the existing late payment performance reporting regulations which require large companies to report their payment performance twice yearly on GOV.UK.
Under current laws, responsible directors at non-compliant companies who don’t report their payment practices could face criminal prosecutions including potentially unlimited fines and criminal records.
The consultation which will be launched in the coming months, will also consider a range of further policy measures that could help address poor payment practices.
Every quarter, 52% of SMEs in the UK suffer from late payments according to FSB, meaning roughly 2.8 million small firms face this issue, with the Federation of Small Businesses describing it as one of the biggest problems facing SMEs.
Late payments are just one element of the problem, with some SMEs forced to wait months for contracts to be fulfilled and some are even forced to take out loans against their own homes to manage cash flow.
Cracking down on late payments will unlock growth for 5.5 million small firms by enabling them to invest their time hiring more employees, boosting wages, and exporting around the world, rather than chasing down late payments.
The Business Secretary will hold a joint call with the Federation of Small Businesses later today to outline to SME leaders the work the Department will undertake to put in place tough new laws to end bad payment culture.
New proposals, subject to consultation, will be bought forward on audit and audit committees, in order to help rebuild small businesses’ trust that they will be paid on time and to deliver on Labour’s manifesto commitment to tackle late payments.
Prime Minister Keir Starmer said: “We’re determined to back small businesses by unlocking their barriers to growth, and stamping out late payments is at the heart of this.
“We know how important it is for business owners to have the peace of mind and certainty around their cashflow to keep their businesses alive. Late payments cost businesses tens of thousands of pounds and is one of the biggest reasons businesses collapse.
“After years of delay, we’re bringing forward measures that small businesses have long been calling for to tackle late payments once and for all.”
Business Secretary Jonathan Reynolds said: “Late payments are simply unacceptable and this government is determined to level the playing field for small business. When the cashflow runs dry, small firms go under which is why we need to hold larger business to account with their payment practices and foster an environment that supports growth and jobs.
“Slashing trade barriers, reforming business rates, getting more SMEs exporting – this government is committed to small firms. We know there’s a lot more to be done, but today we are calling time on late payers once and for all.”
A new Fair Payment Code has also been announced today replacing the old Prompt Payment Code, and will be open to signatories this autumn. Businesses will need to prove they have met good payment standards before being awarded official code status.
This will be designed to push businesses to pay faster more often, to be awarded either gold, silver or bronze status. The Code will also shine a light on those responsible businesses doing the right thing by their suppliers and small firms.
It comes as part of our wider work to support SMEs to help go for growth with reform to business rates, getting more small firms exporting and our new industrial strategy. The Secretary of State and Small Business Minister Gareth Thomas will discuss the new measures with small businesses later today.
Small Business Minister Gareth Thomas said: “Small businesses deserve to be paid on time, it’s as simple as that. I’m optimistic that today’s first big step will help pave the way for real change that supports SMEs to thrive and help to grow our economy.“
New research published by the Department for Business and Trade has found payment problems multiply the further down the supply chain you go.
With delays to payments increasing with each business along a supply chain, this results in smaller businesses generally experiencing more issues with late invoices than larger firms.
These new findings underpin the need to move quickly to crack down on late payments. The research also found that there was a clear imbalance between big and small firms, and that administrative errors are a major factor in creating slow payments with 24% of firms saying that invoices being incorrectly handled added to delays.
The government will work closely with small and large businesses as well as groups such as FSB and Enterprise Nation to discuss what further measures can be considered to crack down on late payments while ensuring we strike the right balance and avoid excessive burdens on businesses.
Tina McKenzie, Policy Chair at the Federation of Small Businesses (FSB), said: “This is what real change looks like. Listening to small firms and prioritising action to tear down each and every barrier to growth.
“The Business Secretary has clearly recognised the importance of eradicating bad payment culture, which so devastates the UK supplier base and holds back growth. This series of actions today – including the crucial steps being taken to deliver on Jonathan Reynolds’ commitment on audit committees – shows the Government is rightly focused on delivery and working in partnership with the business community.
“There will be so many decisions the Government needs to get right, early – an actively pro-small business budget, a good industrial strategy and tackling late payment. Announcing this programme of work today is a huge confidence boost for the small business community and a clear signal the new Government intends to stand up for small firms.”
The Small Business Commissioner, Liz Barclay, said: “I am delighted to announce a new Fair Payment Code will be launched this autumn. The new code will reward businesses that treat their suppliers fairly and pay them quickly. It will also include an ambitious new Gold Award which aims to make 30-day payments the new standard for which businesses can aim.
“We need sustainable, resilient businesses at all levels of the supply chains, to achieve the growth the economy needs. That means paying everyone from the largest supplier to the sole trader quicker, so they have the confidence to invest, improve productivity and grow. Fair payment terms and on time payments are the key.”
Steve Hare, CEO of Sage, said: “Late payments continue to challenge small and medium-sized businesses, affecting cash flow and growth. The UK Government’s new measures are all positive and show a strong commitment to addressing this issue.
“We must also focus on technological solutions. E-invoicing, for instance, already used in other countries, reduces late payments by 20% and processing times by 44%, saving small companies an average of £11,300 annually.”
Oliver Lloyd-Taylor, Founder of Black Milk, which has a Manchester-based café and sells award-winning pistachio & hazelnut spreads, said: “As a company we have experienced firsthand the sequential impact of late payments to our daily cash flow – which has, at times, lead us to be late with payments ourselves.
“We welcome the steps that the Government is making today to help protect small businesses, especially safeguarding them from larger businesses being able to utilise smaller businesses as an overdraft facility.”
Kenny Goodman, co-founder of drinks company Hip Pop said: “Late payments can significantly impact small businesses like ours, especially when it comes to maintaining strong relationships with our suppliers.
“When we’re paid on time, we can ensure we do the same for those we work with, which is vital to keeping everything running smoothly.”
Terry Corby, Founder & CEO of campaign group Good Business Pays said: “On the same day that Good Business Pays published our Autumn 2024 Watchlist of Late & Slow Paying companies, it’s encouraging to see these new late payment measures being announced.
“Only reputational pressure from organisations like Good Business Pays, supported with appropriate legislation and enforcement from government, will force a change in late payment behaviour. These new measures announced today will go some way to help drive that culture change.”
Vaccination will be offered to those at high risk of serious illness from flu and COVID-19. If you’re eligible, you’ll be contacted with information about your appointment.
