Javid has unveiled a new enterprise bill, which will introduce a small business conciliation service to help tackle late payments. The bill will be formally announced in the Queen’s speech at the state opening of parliament on 27 May, 2015.
The new body will help settle disputes between small and large businesses, and could be based on an Australian model.
Javid said in 2008, late payment cost British business GBP 19 billion, and this year that’s set to exceed GBP 40 billion. He added that the average amount owed to a small business is more than GBP 30,000.
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