Welsh SMEs to Benefit from 'Toughest Laws on Late Payments in the G7'
The move is part of the UK Government's Small Business Plan, which it says will help make the UK the best place to start and grow a business, with a culture that supports entrepreneurship.
The Small Business Commissioner will be given stronger powers to wield fines, worth potentially millions of pounds, against the biggest firms who persistently choose to pay their suppliers late. The Commissioner will also be able to carry out spot checks and enforce a 30-day invoice verification period to speed up resolutions to disputes.
The upcoming legislation will also introduce maximum payment terms of 60 days, reducing to 45 days, giving firms certainty they will be paid on time.
Audit committees will also be legally required to scrutinise payment practices at board level, placing greater pressure on large firms to show they're treating small suppliers fairly backed by mandatory interest charges for those who pay late.
The Federation of Small Businesses (FSB) Wales has welcomed the plan as a 'positive prospectus for growing an enterprising culture'.
Small and medium-sized firms employ 60% of the UK's workforce and 62% in Wales and generate £2.8 trillion in turnover.
The UK Government said late payments are one of the biggest barriers to small business growth, causing cashflow problems that stop firms from scaling up and investing in their future. Across the UK, late payments cost the economy £11 billion annually and close 38 businesses daily.
It said it would work with the Welsh Government in the development and delivery of final late payments measures to ensure Welsh businesses have the same protections as those in other parts of the UK.
John Hurst, Chair of FSB Wales, said:
'Smaller businesses are pivotal to the opportunity to grow the Welsh economy and create prosperity throughout every part of Wales. That's why it's good to see stated ambition for those businesses within this plan, not only in addressing some of the barriers which impede business growth – such as tackling the problem of late payment – but also by creating a positive prospectus for growing an enterprising culture in Wales.
'For success, this plan requires us to draw on partnerships in Wales and we look forward to continuing to work closely with the Secretary of State for Wales and government colleagues in the implementation of the new strategy.'
Secretary of State for Wales Jo Stevens said:
'Small and medium-sized businesses are at the heart of local communities the length and breadth of Wales. They deserve our support which is why we are taking these major steps to help them succeed.
'Our new plan for small and medium-sized business is a key part of our Plan for Change. It will help create and grow companies right across the UK, creating jobs, driving growth and putting more money in people's pockets.'
The UK Government is also launching £4 billion in financial support aimed at boosting growth and supporting more small businesses to start up and grow. This includes a £1 billion boost for Start Up Loans, increasing the eligibility criteria of 69,000 loans worth on average £15,000 each.
The British Business Bank is also set to receive a new £3 billion boost – raising the total lending capacity to £5 billion – to help lenders offer more small business loans through the ENABLE programme. Under the scheme, the BBB provides a government-backed guarantee to help lenders feel safer when lending to smaller or newer businesses, enabling them to offer better loan terms including with lower interest.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
21 minutes ago
- Reuters
German tax revenues grow at slower pace in July
BERLIN, Aug 21 (Reuters) - German federal and state tax revenues rose 3% year-on-year in July, a slower rate of increase than the previous month, due in part to a decline in earnings from sales tax, the finance ministry said on Thursday. The total tax take in Europe's biggest economy came to 65.74 billion euros ($76.60 billion) in July, with increases in taxes on income, wages and inheritance, said the ministry in its monthly report. In June, tax revenues had risen more than 7%. In the first seven months of the year, Germany collected some 513.3 billion euros in tax, up 7.4% from the same period in the previous year. Germany's economy contracted in 2024 for the second consecutive year and shrank slightly in the second quarter. Economists expect the export-driven economy to suffer further from U.S. tariffs and mostly predict stagnation for this year. The ministry played down any likely impulses that would boost tax revenues. "Leading indicators do not point to a short-term acceleration of economic activity," said the ministry. ($1 = 0.8582 euros)
Sky News
2 hours ago
- Sky News
'Alarm' over exclusion of child sexual exploitation from strategy to tackle violence against women and girls
The shadow minister for safeguarding has written to the government demanding action on child sexual exploitation after being "alarmed" by a Sky News story revealing plans to exclude it from their Violence Against Women and Girls strategy. which stated that child sexual abuse and exploitation was not "explicitly within the scope" of their upcoming strategy to tackle Violence Against Women and Girls (VAWG). Shadow minister for safeguarding, Alicia Kearns, has written to safeguarding minister, Jess Phillips, saying that "survivors of sexual violence have been left bereft" by the decision. The government insists that its strategy, due to be published next month, will include action to tackle child sexual abuse, but that a distinctive programme will also be announced to address the specifics of the crime. In her letter "demanding answers," Ms Kearns urged the minister to "be transparent and explain why sexual violence has been purposefully excluded" and to "set out when a separate strategy on tackling sexual violence will be published". Poppy Eyre was sexually abused and raped by her grandfather when she was four. Her grandfather was later convicted and died in prison. She told Sky News on Friday: "VAWG is violence against women and girls. If you take child sexual abuse out of it, where are the girls?" 2:58 The Centre of Expertise on Child Sexual Abuse, which is funded by the Home Office, estimates that 500,000 children will experience some form of sexual abuse every year in England and Wales, Rape Crisis told Sky News ministers have failed victims of abuse if they don't consider the "scale of child sexual abuse and exploitation" within their strategy. The campaign group said, "for any strategy to be effective," that the plans "must include all forms of gender-based violence against all women and girls", suggesting there is a "danger" in having a separate plan for child sexual abuse. A Home Office spokesperson said the department was "working tirelessly to tackle the scourges of violence against women and girls and child sexual abuse". In a statement, the spokeperson said: "These issues are complex and run deep within the fabric of society. "The government wholly recognises that they overlap. "But it also recognises that concerted action is needed to tackle child sexual abuse, which is why we have set out a range of actions... and why we are launching a national inquiry into grooming gangs."
The Sun
2 hours ago
- The Sun
Epping's win over asylum hotel is glorious but I know where they'll put evicted migrants & it's bad news for some Brits
SHAZAAM! And in one glorious moment, the government's asylum seeker policies lay in complete ruins. Now, they are in BIG trouble. I say a glorious moment — and it is. For years it has quietly infuriated the ordinary people of England that asylum seekers are housed at our expense in hotels. 8 8 8 And even in some cases get gym membership, or hair extensions! And come down every morning to a full English. While you are pouring milk on your last Weetabix and wondering how to feed the kids. It's no use the lefties howling. 'No, no, it's not like that at all! And in any case most of the migrants go for the continental breakfast option. You know, croissants and stuff.' It is EXACTLY like that, as we have seen. Not to mention the stress on local communities who suddenly get a whole bunch of young men from a different culture dumped on them. Not all of the young men being as nice as pie. Anyway, Epping — where the residents protested about migrants in a local hotel — has won its court battle. As a result there will be no more migrants staying in that hotel. Victory! And now lots of other councils have followed suit. They too will be kicking out the illegals. The government is absolutely spitting feathers. The problem now, then, is where are these migrants to go. My suggestion last week was tents. Or South Georgia. Or Rockall. But the Government won't buy that idea, sadly. And this is where we need to watch them very carefully. To see what they come up with. Because it's largely in the south that migrants are held in hotels. In the north of England, because of cheap property prices, they tend to be housed in what are called Houses in Multiple Occupation. 16 arrested after protests outside Epping migrant hotel as ring of steel ramps up around TWO asylum seeker centres And so with the hotel option being closed down, it may be that the Government decides to swamp the north of England with migrants. Because it can do so cheaply. It may think (being pretty stupid) that is the only option. The local councils in the north need to shout out a big fat NO to that notion. These are the areas of the UK that already have the biggest social problems. They are also our poorest regions. The last thing these communities want or need is for boatload after boatload of asylum seekers to be dumped on their doorsteps. I think we can trust the councils run by Reform UK to oppose this idea completely. And so the Government will expect the Labour-run councils to help them out. And that means more and more problems for the Government. Because the voters will see that its Reform which says no to housing illegal asylum seekers. And the Labour Party which says yes. And that will be another few hundred thousand votes lost to Sir Keir Starmer at the next election. In the meantime, we might hope that this all sharpens the Government's concentration a little. And that they step up with more measures to stop the asylum seekers arriving here in the first place. As I said last week, a law that says anyone who tries to come here illegally will be barred from ever being allowed to stay would be the first thing to do. But I bet Labour doesn't have the gonads to do it. YES, inflation is up again. Almost double the Bank of England 's target rate. That means no reduction in interest rates. And further down the line, another cash crisis for the poorest of us. Is there any section of the economy Labour hasn't hurt? GET SET FOR AN EXODUS 8 RACHEL Reeves ' next plan to bankrupt everybody in the country is to put a tax on our homes. Don't forget, we've already been taxed on the money we spent on our homes. Now it is reported that she wants a property tax. But only at the more expensive end of the market. Anything that seems aspirational, anything that rewards hard work – the Chancellor will tax it. Soon we'll be left with a country full of skanks. Because everybody who works hard and saves dosh will have fled. DANGER DOLPHIN A DOLPHIN called Reggie has been attacking women off the Dorset coast. Especially if he sees that they are wearing a wetsuit. He swims up to them and seemingly tries to push their heads under water by jumping on their backs. I suspect it's because he's bored stiff with them making awe-stricken 'oohs' and 'ahhs' whenever he hoves into view. And taking selfies. He's basically saying: 'Go on, shove this on WhatsApp, you ditzy cow.' PANTS FOR PC VICTIM WHILE searching through Lea-Ann Sullivan's bedroom drawer, a copper found a pair of her knickers and quickly put them in his back pocket. The policeman, Marcin Zielinski, resigned from the force and has since been sent to prison. Lea-Ann is not happy, though. She said she is constantly thinking: 'What did he want them for? Why did he take them? What's he going to do with them? How many more people has he done it to?' Well, I could give Lea-Ann the answer to some of those questions. All but the last one, in fact. It is not recorded if PC Perv was allowed to keep the knickers. NAIVE ZOE SO WRONG 8 THERE was a woman on the BBC Newsnight programme who showed exactly why asylum seekers have become such a problem. She was called Zoe Gardner. Probably still is. And she thought the protests against the asylum seekers had been organised by ' Nazis and fascists'. She said a solution to the problem would be to build 'not for profit' homes for ALL of the asylum seekers. And that none of them were 'illegal'. She had a grasp of the subject you might have expected in a reasonably responsive four-year-old child. An absolute halfwit. Naive and hating of her own countrymen. And absolutely certain she was right. KEEP IT FIT FOR MOOR THE Government is proposing to ban the winter burning of heather moorland. Good. Come February the moors near me resemble a warzone. All of this activity to protect one bird – the grouse. The Moorland Association, which represents landowners, says the Government should think again. Controlled burning prevents wildfires, the association says. What rubbish. In fact, the so-called controlled burning can lead to wildfires itself, according to the RSPB. We need to reform the grouse moors. And make them fit habitats for a vast array of wildlife, not just grouse. TWISTS ON THE BORING NAME OLIVER 8 8 OK, so the most popular name for baby boys in the UK is Muhammad. But Oliver is high up on the list too. In fact, everywhere I looked in the country, Oliver was coming out near the top. I think I marginally prefer Muhammad, no offence. Know what the most popular girl's name was? Olivia. Have we lost our imaginations? We'll soon be an entire nation of Olivers and Olivias. If you're about to pup, here are a few suggestions for racy alternatives to Oliver and Olivia, with a bit of back history so you can explain the reasoning to rellies. Sputnik – to commemorate the first satellite. Gnasher – to commemorate Dennis the Menace's dog. PraiseGod Barebones – to commemorate a roundhead politician from the 17th century. Reeves – in homage to our brilliant Chancellor. Bakelite – to honour the first commercially available plastic. Nebuchadnezzar – after the Babylonian king. Ngerulmud – 'because she was conceived when we were on holiday on Palau. It's the capital, you know.'
