Firms which persistently pay their suppliers late are set to face fines worth potentially millions of pounds as the Prime Minister warned that “it’s time to pay up”.

Sir Keir Starmer has said “too many hardworking people are being forced to spend precious hours chasing payments” in a process which he described as “exhausting”.

As part of a drive to support small businesses, the UK Government is set to unveil plans to give the small business commissioner bolstered powers to fine large companies that persistently pay their suppliers late.

The commissioner will also receive new powers to enforce a rule that customers must pay their supplier within 30 days of receiving a valid invoice, unless otherwise agreed, with spot checks to help identify breaches.

Upcoming legislation will also intro

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