Big firms that persistently make late payments to suppliers should be named and shamed on a register, according to a major political party.
Liberal Democrats business spokesman Brian Cotter said late payment legislation was clearly failing and called for new measures. He said: "Despite the introduction of late payment legislation, larger companies are still throwing their commercial weight around and failing to pay small suppliers on time.
"This leaves many businesses with no choice but to sit and wait until bigger businesses decide to pay up. With larger companies owing small businesses a net debt of around Ј20bn, this is forcing around 10,000 firms out of business every year.
"Those companies that fail to pay on time should be named and shamed in an annual list so that small firms can judge their payment record and make an informed decision before entering into business with them."
