Emma Jones marks one year as the United Kingdom’s Small Business Commissioner and prepares for the enforcement powers granted by the Commercial Payments Bill.
The legislation seeks to establish the toughest late‑payment regime among G7 nations, converting the Office of the Small Business Commissioner from a mediation service into an authority with investigative and penalty capabilities.
Late payments impose an estimated £11 billion cost on the economy each year, while research indicates small firms lose 133 million staff hours annually chasing overdue invoices, averaging 86 hours per affected business.
Jones describes late payment as a significant barrier to growth and asserts that the forthcoming law will provide the tools needed to shift the prevailing culture of delay.
During her first year, the office recovered £1.5 million for small businesses impacted by late payments and issued new guidance on digital payment tools.
A payment pledge was secured from major e‑commerce platforms, and AI‑driven advice was released to help small firms manage invoicing more efficiently.
More than 600 companies, including major banks and infrastructure firms, have signed the Fair Payment Code, indicating broader industry commitment to prompt payment.
The Commissioner’s team expanded outreach, meeting thousands of business owners, conducting monthly “SME Safaris,” and launching an interview series focused on fair payment practices.
The Commercial Payments (Late Payments) Bill proposes key measures such as a 60‑day maximum payment term for large companies dealing with small suppliers and an automatic statutory interest rate of 8 % above the Bank of England base rate on overdue invoices.
It also grants the Commissioner authority to investigate repeat offenders, adjudicate disputes outside the courts, levy fines that could reach tens of millions of pounds, and act on anonymous complaints.
Jones plans to maintain high‑quality casework, increase enrollment in the Fair Payment Code, and explore funding models that could make the office financially self‑sufficient.
With enforcement powers expected to take effect soon, the small‑business community could see measurable reductions in both time spent on payment chase and financial losses.
