The length of payment delays has reduced substantially since the Department for Business started to take action in 2017.

In 2011 the average payment time was 95 days; now SMEs are paid on average within 32 days, showing productive change in the problem over the last decade which has been contributing to weak growth and low productivity.

Joe Garner, author of the Payment and Cash Flow Review, and a former HSBC UK and CEO, said: ‘A world-class payments ecosystem is essential – not just to the economy – but to the lives of every member of our society.’

The Reporting on Payment Practices and Performance Regulations 2017 were due to be withdrawn on 6 April 2024, but the government will extend the rules past the expiry date, although it is not clear for how long until the draft legislation is released.