DBT publishes prompt payment and cash flow review report

Article summary

The Department for Business and Trade (DBT) has published its prompt payment and cash flow review report that scrutinises existing prompt payment policy and sets out actions that the government will take forward to improve payment times across the UK. The DBT focused on four key areas for which it believes targeted policy measures can make an improvement to UK payment. These key areas are increasing transparency, a more active enforcement approach, a better access to information, and instilling a stronger payment culture. The DBT has also published the outcome of its consultation on the proposed amendments to the Payment Practices and Performance Regulations 2017 (the Regulations), SI 2017/395, which ran between 30 January 2023 and 28 April 2023. The DBT confirmed that the Regulations will be extended beyond the sunset clause date of 6 of April 2024 for up to seven years, though a review will take place after five years. In...