The Governments Industrial Strategy and late payments
James Salmon, Operations Director, 27/6/2025
Following on from the appointment of the new Small Business Commissioner, Emma Jones CBE, we note that the Governments new Industrial Strategy also mentions Late payments.
You have to get all the way to page 156 of 160 (i hope that doesn’t bode for its significance) I was pleased to find the following the following :
Continue to tackle the challenge of late payments to SMEs by:
− Undertaking significant reforms, including a new Fair Payment Code, upcoming legislation to require large companies to include their payment performance reporting within annual reports, and an upcoming consultation on potential legislative measures to go further.
− Appointing Emma Jones CBE as the new Small Business Commissioner, effective from 23 June 2025. The SBC will play a key role in tackling late payments and long payment terms
for small businesses and the self-employed, including through delivery of the new Fair Payment Code.
− Proposing to exclude suppliers who do not pay their contractors on time from a wider range of public sector contracts, extending this beyond central government bodies, and to
set targets for direct spend with SMEs as part of our forthcoming consultation on reforms to public procurement.
So that bit in bold! An upcoming consultation on potential measures to go further! That’s intriguing! Will we see increased penalties for late payment? Could compensation and interest be increased or made compulsory. At the moment it is too easy for late payers to use the size, strength and the threatened removal of goodwill to make their SME suppliers unable to ask for late payment interest and compensation. If it was made compulsory for companies to pay it, then it would have a rapid and far reaching affect on payment behaviour.
Perhaps we are also going to see other changes to late payment legislation such as the removal of unfair contract terms. Lets Watch this space!
Get compensated for previous late payments
Have you been paid late by business customers in the last six years?
Maybe you no longer work with them. Under current legislation, you are entitled to compensation you for those late payments you have suffered.
You put up with the PAIN – now claim the GAIN!
Claim late payment compensation (LPC) from former business customers who paid you late in the last six years!
CPA (LPC) Recoveries is using our bespoke software and decades of experience to do just that for our clients
Check our compensation calculator to see how much your business could be owed!
Discover NOW the potential value of late payment compensation hidden in your sales ledger!
The Credit Protection Association – Prompting Punctual Payments – Ethical, Effective, Efficient, Economical collections.
Why you should become a member of CPA!
The Credit Protection Association (CPA) has been assisting thousands of UK businesses to get paid, since 1914. We have supported our members through all sorts of difficult trading environments. With high interest rates and a struggling economy and elevated insolvencies, our services can help your business navigate these difficult waters.
Unlike other credit management and debt collection companies, we offer a range of services to our members that are all included as part of a fixed annual subscription, tailored to your needs.
Under your annual subscription you will have access to our main services:
- Our Creditcare credit reports provide credit ratings and limits along with a host of detailed information on your potential customers to enable you to trade with confidence and set appropriate credit policies for new customers.
- Our monitoring service will alert you to any significant changes in the status of those customers.
- Our Overdue account recovery service can be used to chase up payment on any invoices to those customers that have not been paid on time. Unlike other debt collection companies, this service directs your customer to pay direct to you and allows you to maintain your goodwill with them, rather than inserting ourselves into your relationship with you customer and insisting they pay CPA instead. Our Overdue account recovery service resolves over 80% of accounts referred to us.
All of the above services and other complimentary services such address verification, are included in your subscription!
And for the small minority of debts not resolved through our Overdue account recovery service, you can refer the debt to our collections department to escalate the late payment collections process.
CPA eases cash from tardy debtors – Efficiently, Effectively, Economically and Ethically. And we provide credit information so you can monitor and assess your key customers and be warned of any potential risks. CPA has been improving business cash flow for over 100 years, by tackling late payers and campaigning against the late payment culture in the UK.
Unlike other credit management companies, we offer our members a fixed annual subscription regardless of how high the value of their debts maybe!
Rather than to borrowing more money to improve your cashflow, CPA suggests that business owners tackle the problem at its source. If late payments are a strain on your cashflow, then talk to CPA about how we can help you reduce those late payments.
Just call Peter Uwins, CPA’s National Sales Manager, on 020 8846 0000 (business hours) or email nsm@cpa.co.uk today.
When you see your money come in, you will be so glad you used CPA.
The Credit Protection Association – Prompting Punctual Payments – Ethical, Effective, Efficient, Economical collections
Do you have a commercial late payer that is causing you grief? Use CPA’s no-win, no-fee, commercial debt recovery service!
If you have a particular business customer who is late paying and causing you sleepless nights, why not offer it to CPA’s collection department for purchase on recourse?
CPA’s collection department will then pursue the debt. We will be liable for any costs incurred and then when we have recovered the debt, we will pay you the net principle debt recovered less our percentage.
Once you have enjoyed that success then you can consider the more cost effective membership which includes our Overdue Account Recovery service and Status/Credit reports as well as a range of other complimentary services.
Just call 020 8846 0000 and ask for Godfrey Nelson or Cris Shirley (business hours) or email debtpurchase@cpa.co.uk today.
New Data Reveals the UK’s Worst-Paying Business Sectors – How SMEs Can Fight Back