"Late payment disproportionately impacts smaller firms, so the government is right to be focused on helping SMEs.
"Companies of all sizes know that fair payment terms sit at the heart of strong business relationships. Where performance isn't up to scratch, firms are moving swiftly to improve their practices, in line with their legal reporting responsibilities.
"Getting this right is absolutely a board-level issue. For large firms, it is in their interest to treat supply chains fairly and transparently. Those with persistently poor practices should know there is nowhere to hide.
"We look forward to working with the government and Small Business Commissioner to ensure any new powers are used proportionately and constructively to accelerate the progress now being made on eradicating late payment."