Todd Davison, managing director of Purbeck Insurance Services, said: “Small businesses will welcome this as a historic moment in the fight against late payment.
“For too long, smaller firms have carried the burden of delayed invoices from larger organisations, putting unnecessary strain on cash flow, confidence and growth.
“New laws that hold the worst offenders to account through meaningful fines send a strong signal that late payment is no longer acceptable business practice.
“The priority now is making sure these measures are enforced consistently so small businesses see real change on the ground.”
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