Government says Small Business Plan will introduce ‘toughest late payments law in the G7’ as trade groups say reform is overdueEngineering services alliance Actuate UK says Government plans to reform retained and delayed payments to small business is a “once-in-a-generation moment”. As part of its Small Business Plan, the Government will consult on measures to tackle late payments, which it says costs the UK economy £11bn a year and puts 38 firms out of business every day. Rob Driscoll, director of legal and business at Actuate UK member the Electrical Contractors’ Association (ECA), said the Government was “finally” dealing with “unfair” payment practices. Small business minister Gareth Thomas said “too many small firms go under each year because they aren’t paid on time” while others cannot start or grow without additional cash. The Small Business Plan will include 69,000 start-up loans worth £1bn and an additional £3bn for the British Business Bank to expand government-backed loans lenders can offer to small firms.