Written questions by Reynolds.

What steps his Department is taking to ensure compliance with statutory maximum payment terms for suppliers.

This Government is committed to tackling late payments and supporting small businesses and the self-employed.We launched a consultation in July alongside the Plan for Small Business which closes on the 23rd of October which sets out measures we intend to bring forward in a package of primary legislation. This includes proposals for stricter maximum payment terms and providing the Small Business Commissioner with stronger powers. This will be the most significant legislation to tackle late payments in over 25 years and will give the UK the strongest legal framework on late payments in the G7.

What steps his Department is taking to monitor the effectiveness of late payment reforms.

This Government is committed to tackling late payments and will introduce the most significant legislation aimed at tackling late payments in 25 years. Late payments cost the UK economy £11bn per year and close down 38 UK businesses every day.Large businesses are already legally required to publish their payment performance twice yearly through GOV.UK. Analysts at the Department for Business and Trade will be able to determine the effectiveness of these measures through using the data that large businesses submit to check that payment times have improved.

What assessment he has made of the potential impact of late payment reform on cash flow for small and medium-sized enterprises.

This Government is determined to tackle late payments. On 31st July, alongside the Plan for Small Business, we launched a public consultation to seek views on our proposed legislative measures to ensure companies pay their suppliers quickly and on time. These measures include proposals to set strict maximum payment times at 60 days and to provide the Small Business Commissioner with stronger powers to tackle poor payment practices. As part of the launch of the consultation an impact assessment was published on GOV.UK assessing the impact these measures will have on all businesses across the UK.

What assessment the Government has made of the potential impact of large businesses repaying SME invoices 60 or 90 days after receipt of the invoice on levels of interruption to SME cashflow.

On 31st July DBT published new research showing that late payments cost the UK economy £11bn per year and closes down 38 UK businesses every day, with a disproportionate impact upon small businesses.Government is putting in place the most significant legislation to tackle late payments in over 25 years, giving the UK the strongest legal framework on late payments in the G7. The consultation on stronger new legislative measures to ensure small businesses are paid promptly closes on 23 October.

If he will make an assessment of the potential merits of requiring a company to confirm an address before registering it at Companies House.

Through the Economic Crime and Corporate Transparency Act 2023 we have given the registrar more powers to ensure address (and other) information on the register of companies is as accurate and complete as reasonably possible. Additionally, next year will ...