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Government to name and shame late paying companies

The government will keep a public record of how long it takes large companies to pay their smaller suppliers in a bid to stamp out late payments, business minister Matt Hancock revealed yesterday.

Under the plans, all large and quoted companies will have to submit a quarterly report on their average payment times, the proportion of invoices paid after the agreed date, and the proportion of invoices paid within 30 days, over 30 days, over 60 days and over 120 days, City AM reports.

Hancock said the planned changes would prevent big businesses riding “roughshod” over their suppliers, who often fail to complain for fear of losing out on vital contracts.

However, clothing suppliers have previously argued against more legislation, stricter enforcement of existing legislation or public naming and shaming of culprits, saying it would either upset the balance of the fashion trade or fail to address the problem.

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