Increase the interest rate freelancers can claim for late payment.

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Increase the interest rate freelancers can claim for late payment.

Petition Details

Under the Late Payment of Commercial Debts Act 1998, Businesses can claim 8% interest plus the current Bank of England base rate. However this is not enough to deter larger companies from taking advantage of freelancers carrying out non-contracted work, i.e a one-off job.

Additional Information

Late payment can severely impact a freelancer especially during a period of no work therefore it is important that they are able to claim fair compensation, not only to deter companies from exploiting them but to live. If a freelancer were to work one day for £100 and were not paid within 30 days of the client receiving the invoice, the freelancer could claim 8.25% interest (Bank of England base rate of 0.25%) meaning the annual interest would be £8.25 (approximately 0.0226 pence per day).

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