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<p>The Government knows how important tackling late payment is, especially for smaller
businesses and has previously announced a package of measures to improve payment practices
across the public and private sector.</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 large businesses they intend to trade with.</p><p>The Small Business Commissioner,
created by the Enterprise Act 2016, will empower small businesses to tackle late payment;
providing general advice and information to small businesses on matters such as resolving
payment disputes.</p><p>The Public Contracts Regulations 2015, mandate that public
sector buyers must include 30-day payment terms in new public sector contracts; and
requires that this payment term be passed down the supply chain.</p><p> </p>
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