Ministers have introduced new laws giving stronger powers to investigate and fine firms that persistently fail to pay smaller suppliers on time, with potential penalties worth tens of millions.

The Small Business Protections Bill proposes a new 60-day cap on payment terms for large firms, introducing mandatory interest on late payments.

It would also ban retentions in the construction industry, which is the practice of withholding a percentage of a contractor's advance payments.

The government says 38 businesses close........

© Eastern Daily Press