Late payments cost the UK economy an estimated £11bn per year with 14,000 businesses closing each year as a result – that’s equivalent to 38 businesses every day. Over 1.5 million businesses are affected by late payments each year and approximately 133 million hours of staff time across the year is spent on chasing these payments. 2026 is set to be crucial year for UK payment practices following the Government’s late payment consultation which closed in October 2025. Billed as the most significant reform to B2B payment legislation in over 25 years, the consultation forms part of a wider set of reforms designed to improve payment practices, transparency and accountability for businesses.