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‘It’s Time to Pay up’, Says Starmer in Late Payments Crackdown

UNITED KINGDOM, JUL 30 – The UK Government will enforce a 30-day payment rule and fine large companies for late payments, addressing an £11 billion annual cost and daily closure of 38 small firms.

  • Firms that pay suppliers late may face fines of millions of pounds, as warned by the Prime Minister, who said: 'it's time to pay up.'
  • New laws will require companies to pay suppliers within 30 days of receiving valid invoices, with maximum payment terms being 60 days, dropping to 45 days.
  • Keir Starmer stated that too many hardworking people are being forced to spend precious hours chasing payments instead of growing their businesses, and this change aims to support small business growth across the country.
  • The crackdown on late payments is part of a £4 billion package to support small businesses, providing £1 billion for new firms, including 69,000 start-up loans.
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The Independent broke the news in London, United Kingdom on Wednesday, July 30, 2025.
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