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<p>The Government knows how important tackling late payment is, especially for smaller
businesses. We have recently introduced a number of measures to improve payment practices,
specifically for small and medium-sized enterprises.</p><p>The Reporting on Payment
Practices and Performance Regulations 2017 came in to force this year. This statutory
requirement increases transparency, providing small and medium-sized businesses with
better information about the payment practices of large businesses they intend to
trade with.</p><p>The recently announced Small Business Commissioner builds on a package
of measures to tackle late payment and unfavourable payment practices in the private
sector. The Commissioner will empower small businesses to resolve payment disputes
with larger businesses and avoid future issues by encouraging a culture change in
payment practices and how businesses deal with each other.</p>
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