Question to the Department for Business and Trade:

To ask His Majesty's Government what assessment they have made of the SME Insights Report, published in July, which found that UK businesses are owed £32.1 billion in late payments.

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 payment culture in the UK and to reduce late payments and its impact on SMEs.