Small businesses have hailed a clampdown on late payments as a “historic moment” with new laws set to fine firms that are the worst offenders. Measures to tackle poor practices by firms when it comes to paying their suppliers were welcomed by the industry. Legislation set out in the King’s Speech includes giving the Small Business Commissioner new powers to investigate businesses suspected of poor payment practices and adjudicate disputes outside of the courts. It also means the potential to fine businesses that persistently pay their suppliers late or do not comply with the laws. The Small Business Commissioner is an independent public body set up by the Government to tackle late payments and unfair practices. The reforms will also impose a maximum payment term of 60 days, with limited exemptions, enforce mandatory interest for late payments at 8% above the Bank of England’s base rate, and introduce a time limit for raising invoice disputes before a payment is due.…