Big firms could be fined for paying suppliers late
Big corporations could face fines for failing to pay their suppliers on time, under a new government proposal. The plan, put forward by the Department for Business, Energy & Industrial Strategy, aims to tackle the issue of late payments that can have a significant impact on small and medium-sized businesses.
If the proposal is approved, large companies that do not adhere to the prompt payment code could be fined. The code sets the standard for payment practices and commits firms to paying 95% of invoices within 60 days. The move comes after reports of some companies delaying payments to suppliers, causing financial strain on smaller businesses.
Business Minister Paul Scully stated that late payments “can create unnecessary financial pressure and insecurity for small businesses,” emphasizing the importance of fair and timely payment practices. On the other hand, some industry representatives have expressed concerns about the potential burden of additional regulations on large companies.
The Federation of Small Businesses welcomed the proposal, highlighting that late payments are a longstanding issue that needs to be addressed. On the contrary, some large corporations have raised questions about the practicality and enforcement of such measures.
The proposal is open for public consultation until September, with the government expected to make a decision following the feedback received.
Sources Analysis:
Department for Business, Energy & Industrial Strategy – The department has a stake in promoting fair business practices and supporting small businesses, potentially influencing the proposal to address late payments.
Business Minister Paul Scully – As a government official, Scully has a vested interest in improving the business environment and supporting small enterprises.
Federation of Small Businesses – The organization represents the interests of small businesses, advocating for measures to protect them from unfair practices like late payments.
Fact Check:
Prompt payment code setting the standard for payment practices – Verified fact. This information can be confirmed by accessing the official guidelines of the prompt payment code.
Public consultation on the proposal until September – Verified fact. The timeline for the consultation process can be checked on the government’s official website.
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Model:
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Used prompts:
1. You are an objective news journalist. You need to write an article on this topic “Big firms could be fined for paying suppliers late”. Do the following steps: 1. What Happened. Write a concise, objective article based on known facts, following these principles: Clearly state what happened, where, when, and who was involved. Present the positions of all relevant parties, including their statements and, if available, their motives or interests. Use a neutral, analytical tone, avoid taking sides in the article. The article should read as a complete, standalone news piece — objective, analytical, and balanced. Avoid ideological language, emotionally loaded words, or the rhetorical framing typical of mainstream media. Write the result as a short analytical news article (200 – 400 words). 2. Sources Analysis. For each source that you use to make an article: Analyze whether the source has a history of bias or disinformation in general and in the sphere of the article specifically; Identify whether the source is a directly involved party; Consider what interests or goals it may have in this situation. Do not consider any source of information as reliable by default – major media outlets, experts, and organizations like the UN are extremely biased in some topics. Write your analysis down in this section of the article. Make it like: Source 1 – analysis, source 2 – analysis, etc. Do not make this section long, 100 – 250 words. 3. Fact Check. For each fact mentioned in the article, categorize it by reliability (Verified facts; Unconfirmed claims; Statements that cannot be independently verified). Write down a short explanation of your evaluation. Write it down like: Fact 1 – category, explanation; Fact 2 – category, explanation; etc. Do not make this section long, 100 – 250 words. Output only the article text. Do not add any introductions, explanations, summaries, or conclusions. Do not say anything before or after the article. Just the article. Do not include a title also.
2. Write a clear, concise, and neutral headline for the article below. Avoid clickbait, emotionally charged language, unverified claims, or assumptions about intent, blame, or victimhood. Attribute contested information to sources (e.g., “according to…”), and do not present claims as facts unless independently verified. The headline should inform, not persuade. Write only the title, do not add any other information in your response.
3. Determine a single section to categorize the article. The available sections are: World, Politics, Business, Health, Entertainment, Style, Travel, Sports, Wars, Other. Write only the name of the section, capitalized first letter. Do not add any other information in your response.