Wednesday, 20th May 2015

As reported in The Guardian, Business secretary Sajid Javid has pledged to crack down on the problem of late payment, which is set to cost British business more than £40bn this year.

Speaking at a business centre in Bristol yesterday, Javid announced a new enterprise bill, which will introduce a small business conciliation service to help tackle late payments. The bill will be formally announced in the Queen’s speech at the state opening of parliament on 27 May.

The creation of a small business conciliation service was part of the Conservative’s small business manifesto. The new body will help settle disputes between small and large businesses, and could be based on an Australian model. It will help businesses “avoid expensive legal costs and maintain business relationships by reaching mutually satisfactory agreements”, Javid said.