Business Secretary Jonathan Reynolds reiterates he is “delighted” to be going ahead with plans to tackle late payments to business” as it is one the Labour party’s “priorities”.
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00:00Well we have always said that tackling late payments to business is one of our priorities.
00:05I'm delighted to be able to say we're cracking on with the job, with the change that we promised.
00:09We've got some immediate measures in terms of how we're going to use existing powers to
00:13make sure that bigger companies are putting in their annual reports, how quickly they pay their
00:17suppliers. We're going to launch a new fair payment code to recognise good practice gold,
00:21silver and bronze, so again transparency and incentives in there. And I'm also announcing
00:26the consultation to implement what was in our manifesto, so taking new powers in terms of what
00:31the small business commissioner can do and the role of audit committees in public companies. But
00:35this is a huge issue, we're going to tackle it for good, there's been lots of talk in the past,
00:39this is going to make the difference and I'm delighted with the response from businesses
00:42themselves saying this is what real change looks like.