UK government plans audit committees to tackle late payments
In the Spring Statement before UK parliament, Chancellor Philip Hammond announced “definitive action to tackle the scourge of late payments for our small businesses.” This includes the requirement of company audit committees to review payment practices, to be reported on in the annual accounts. Hammond also deferred to business secretary Greg Clark to announce “further details in due course.” Hammond also gave thanks to the Federation of Small Businesses (FSB) for their campaigning on this issue.