Many small businesses are affected by poor payers, so much so that it has was tagged a new 'British Disease' in the 90's.  The Late Payment Act 'pill' intended to cure this disease has not worked (late payment of commercial debts (interest) act 1998).

This is a cultural problem brought about by (at least) indifference, or (at worse) corporate bullying or criminality.  

Small business needs support in backing up their rights to Statutory Interest on the debt.

By making it mandatory to pay Statutory Interest after a short interest-free opportunity has passed, this would establish punctual payment as the norm, as it is in many other countries.     

Why is this idea important?

This enforced requirement would stimulate an improvement in culture, freeing up significant resource in small business so that it can concentrate on creating rather than chasing wealth.

This would also save many small and otherwise successful companies who are failing purely because of late payment. Legislate and lend them a hand.     

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