Question to the Department for Business and Trade:

To ask the Secretary of State for Business and Trade, what steps her Department is taking to help ensure that SMEs are paid on time by larger firms.

The Government is aware that late payment remains a significant problem for small businesses across the country. That is why at the beginning of 2023 the Government launched a review of Cash flow and Prompt Payment, alongside a public consultation on the Payment Performance Regulations. The findings of the review, alongside the consultation response, will be published later in 2023.

The Government will use the findings of this review to improve the Payment Performance Regulations, the Small Business Commissioner, and the Prompt Payment Code to improve payment culture in the UK, to reduce late payments and its impact on SMEs.