yet more utter BS wrapped in shiny paper and tinsel ......
The government plans new powers to tackle late payments to small businesses, including a ban on withholding of retention payments, a cap on payment terms and mandatory interest on late payments.
www.theconstructionindex.co.uk
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the withholding of retention payments would be banned. This would, the Department for Business and Trade said, prevent small firms losing retentions to insolvency or non-payment. " does nothing to stop/ban retentions
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the government says it will give the commissioner the power to require late-paying large companies to publish explanations for poor payment performance and the actions they are taking to address it. " another level of bollox
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1998 Late Payment of Commercial Debt Act, and would include a 60-day cap on payment terms for large firms paying small suppliers. They would also impose mandatory interest on late payments, at 8% above the Bank of England base rate, and insist that this is included in contract terms. " and who is gonna make them stump up what's owed, let alone the interest - bloody joke again
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to investigate businesses suspected of poor payment practices or inaccurately reporting payment performance, and be given the power to adjudicate payment disputes outside of the court process. Finally, they would be able to fine businesses, including ‘significant’ fines, in the order of tens of millions, for large companies that persistently pay their suppliers late " by which time they'll have gone tits up and no one gets a bean