Government finally introduced the Commercial Payments Bill in May - the biggest crackdown on late payments in 25 years. 60-day cap on payment terms, mandatory interest at 8% above base rate if they miss it.
Great news. Except... it's not law yet. Won't be until 2027 at the earliest.
Meanwhile:
38 UK businesses close EVERY DAY because of late payments
The average founder loses 86 hours a year chasing money she's already owed
39% of SME owners say their mental health has suffered because of it
27% say their personal relationships have taken a hit
Read that last one again.
We talk about late payments like it's an admin problem. It's not. It's a "can't sleep, can't be present with the kids, can't stop mentally rehearsing chase emails at 11pm" problem.
And it hits women-owned businesses particularly hard - we tend to be smaller, more service-based, with less cash buffer, and (as we found out at the Pricing Party) less confident chasing what we're owed in the first place.
So a few real questions for the room...
What's the longest you've waited to be paid on an invoice?
What did it cost you emotionally, not just financially?
Have you ever charged late payment interest? (You can, legally, right now - 8% above base rate)
Do you know about the Fair Payment Code? Any of you working with Gold/Silver/Bronze accredited buyers?
I want to talk about this properly. It's not sexy. It's not on LinkedIn much. But it's shaping our businesses more than most things we DO post about 👇