A Government watchdog set up to tackle late payments has reclaimed less than £800,000 for small businesses since June 2021.
The Office of the Small Business Commissioner, launched in December 2017, has recovered £8.5 million owed to small businesses, with £7.8 million retrieved before June 2021. The Commissioner attributed the lower amount recovered to resolving larger outstanding payments in the early days of the service and smaller firms seeking help for smaller amounts. A Government review of payment rules and the role of the Commissioner was completed this year and is due to report soon.
Business Secretary Kemi Badenoch says the Government is committed to strengthening rules in this area. Craig Beaumont, Chief of External Affairs at the Federation of Small Businesses, says the decline in recoveries shows it is crystal clear just how much senior cabinet leadership is needed on this issue to turn it around.