Labour says firms will be penalised for late payments to suppliers

Government drive to support small business will include startup loans for 69,000 companies worth 4bn

Keir Starmer has warned businesses who persistently delay payments to their suppliers that it is time to pay up" as the government prepares to impose fines and penalties on repeat offenders.

In what Labour has billed as the toughest crackdown on late payments in a generation, the business secretary, Jonathan Reynolds, will say on Thursday that the changes will slash a cost to the economy that has escalated to 11bn a year.