20 September, 2012 | By Greg Pitcher
The government has moved a step closer to introducing European late payment laws in the UK.
Business minister Michael Fallon launched a consultation on implementing EU legislation to combat delayed payment to British businesses.
The Directive is aimed at creating a level playing field for UK businesses trading with companies and public authorities in all member states.
It will require public bodies to pay suppliers within 30 days of receiving an invoice, and private companies to settle bills within 60 days unless otherwise fairly agreed.