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<p>Late payment remains an important issue. The Government is taking significant steps
to assist small businesses to recover late payment debts.</p><br /><p>The Government
promotes fair payment practices in construction through legislation (the “Construction
Act”), the use of public procurement (promoting prompt payment to Tier 3 and the use
of Project Bank Accounts), and by working with the industry through voluntary measures
(such as the Prompt Payment Code and the Construction Leadership Council’s Payment
Charter).</p><br /><p>The Government has legislated for new transparency measures
in the public and private sectors. This will allow full public scrutiny of payment
performance.</p><br /><p>The Payment Charter includes a commitment of zero retentions
by 2025. To support this work, the Government recently announced a review of the practice
of cash retentions under construction contracts in England.</p><br /><p>Tackling late
payment is about creating a responsible payment culture where larger companies recognise
the benefit of having a sustainable and robust supply chain, and smaller businesses
feel able to challenge poor behaviour.</p><br /><p>The Government believes that taken
together these measures will lead to significant changes in the UK’s payment culture.</p><br
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