Working with the organisation Open Banking Excellence, the Small Business Commissioner Liz Barclay has revealed that firms are under threat of being put out of business because ￡23.4billion of invoices have not been paid since January. Ms Barclay has warned that the late payments are a drain on smaller firms' cash flow and threaten their "ultimate survival". She said: "Small businesses are often in a difficult position and won't bite the hand that feeds them. Yet they need to have confidence that payments will be made promptly and fairly.

       "We also need changes in how we approach the governance of payment practices. They need to be much higher up companies' agendas.

       "If how a company pays small suppliers is measured as a way of meeting ESG [environmental, social, and governance] obligations, for example, we could see a cultural shift.

       "There is a long road ahead, which is why it's important to understand the complexity of the elements that make up late payments, and what their root causes are and work towards fixing them."

       Meanwhile, in a hard-hitting report, former Commons Treasury select committee chairman Lord Tyrie has pointed out that 20 per cent of the economy is overseen by quangos, despite doubts over whether they are fit for purpose.

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