Late payers will soon face much larger fines in the U.K. in what is promised to be the “toughest crackdown on late payments in a generation.” The scheme, announced by Business Secretary Jonathan Reynolds on July 30, is intended to save the 38 businesses a day that go bust because of poor payment practices.
The government said that the new rules will be the toughest late payment laws anywhere in the G7 countries. It believes that late payments cost the U.K. economy £11 billion a year.
