Business
Late-paying firms face multimillion-pound fines under new crackdown
Large UK companies that repeatedly delay paying suppliers will face multimillion-pound fines under sweeping new legislation aimed at tackling late payment practices and protecting small businesses.
The reforms, announced by the Department for Business and Trade, will grant enhanced enforcement powers to the Small Business Commissioner, enabling it to investigate poor payment behaviour and penalise persistent offenders.
At the centre of the new rules is a mandatory 60-day payment window for all commercial contracts involving companies with annual revenues above £54 million.
Suppliers will also gain the right to charge statutory interest on overdue invoices at a rate of 8 percentage points above the Bank of England base rate, significantly increasing the cost of late payments for larger firms.
Companies found to be consistently breaching payment standards will be required to publicly disclose their practices in annual reports, including explanations and steps taken to improve.
Business Secretary Peter Kyle said the measures represent the most significant overhaul of payment laws in a generation.
“It is simply unacceptable that so many businesses are forced to shut due to late payments,” he said. “These are the strongest, most robust changes to payment laws in over a generation.”
The government also confirmed it will consult on reforms to retention payments in the construction sector, a long-standing issue where funds are withheld and sometimes lost if a contractor becomes insolvent.
Industry bodies have broadly welcomed the reforms, describing them as a long-overdue intervention in a problem that has plagued SMEs for decades.
Federation of Small Businesses policy chair Tina McKenzie said the measures would help prevent large companies from using smaller suppliers as a source of “free credit”.
However, she cautioned that a 60-day payment window still falls short of best practice, arguing that a 30-day standard should remain the long-term goal.
Late payments are widely seen as one of the biggest barriers to SME growth, affecting cash flow, investment and hiring decisions. Government research suggests that dozens of businesses close each year as a direct result of delayed payments.
Emma Jones, the Small Business Commissioner, said the new powers would help reduce the administrative burden on smaller firms.
“Less time chasing debt means more time focused on growth,” she said, adding that stronger enforcement will help shift behaviour across the market.
The legislation is expected to be introduced when parliamentary time allows, with ministers indicating they will assess the readiness of businesses before mandating contractual changes.
The reforms mark a clear shift towards a more interventionist approach to payment practices, as policymakers seek to rebalance relationships between large corporations and their smaller suppliers.
For big businesses, the message is increasingly clear: late payment is no longer just a commercial issue, it is becoming a regulatory and reputational risk.
Amy Ingham
Amy is a newly qualified journalist specialising in business journalism at Business Matters with responsibility for news content for what is now the UK’s largest print and online source of current business news.
Anduril Executive Chairman and co-founder Trae Stephens details the shift in military strategy towards mass-produced, low-cost autonomous drones and AI-driven systems on ‘Mornings with Maria.’
Swarms of low-cost Iranian drones are rewriting the rules of war, but one U.S. defense contractor says it can mass-produce autonomous military systems to match them at a fraction of the traditional cost.
“Our adversaries are not coming at us with $10-plus million fighter planes, necessarily. They’re coming at us with very, very low-cost munitions,” Trae Stephens, co-founder and executive chairman of Anduril Industries, told “Mornings with Maria” Tuesday.
The challenge, he said, is to “significantly” bring down the cost of engagement instead of firing off $2 million interceptors, noting that the company is doing so by “building… low-cost autonomous systems” that give U.S. forces the ability to “fight the wars of tomorrow, rather than the wars of yesterday.”
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A solider checks an Anduril Industries Inc. Ghost-X reconnaissance drone at the National Training Center (NTC) in Fort Irwin, Calif., on Nov. 7, 2025. (Christopher Lee/Bloomberg via Getty Images)
“That’s been Anduril’s focus since the beginning…” he said.
Stephens detailed the company’s autonomous systems designed to collaborate on the battlefield. Some drones act as “hunters” that scout and identify targets, while others serve as “killers” capable of striking them.
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“You have drones that are going out and looking for other things, like our Ghost platform. You have loitering munitions that fly around looking for things, and then when they find those things, they can go and take kinetic action against them, and then you have platforms like our Barracuda 500 that are… missiles that are intended to go after targets directly,” he explained.
The aim is to replace Cold War-era technology with low-cost autonomous systems that can be mass-produced.
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“We’re leveraging the advances in manufacturing techniques, the advances and autonomy in the manufacturing system to produce at high, high scale at very low cost,” he said.
The company is already moving to scale up production, with a new manufacturing facility in Ohio set to produce these autonomous military systems at high volume as wartime demand grows.
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WASHINGTON — Iran’s ballistic missile program, long the backbone of its military deterrence, has undergone intense scrutiny and degradation in the 2026 conflict with Israel and the United States. Once estimated at more than 3,000 missiles, the arsenal has been significantly reduced by joint strikes, yet Tehran continues to demonstrate range and resilience with recent launches testing assumptions about its capabilities.
Here are 10 essential things to know about Iran’s ballistic missiles as of late March 2026:
- Iran possesses the largest ballistic missile arsenal in the Middle East, though heavy losses have trimmed its size. Prior to escalated fighting in 2025-2026, U.S. estimates placed the inventory above 3,000 missiles, including short-range and medium-range systems. After firing hundreds in retaliatory barrages and suffering Israeli and U.S. strikes on production sites and launchers, remaining stocks are estimated between 1,000 and 2,000 operational missiles, with launchers reduced to roughly 100-200 serviceable units. Despite this, Iran has shown rapid reconstitution efforts, importing components and rebuilding facilities.
- The program features a diverse mix of liquid- and solid-fueled missiles. Liquid-fueled systems like variants of the Shahab-3 offer longer ranges but require more preparation time. Solid-fueled missiles, such as the Sejjil and newer models like Kheibar Shekan, allow quicker “shoot-and-scoot” launches, making them harder to target. This mix enhances survivability against preemptive strikes on fixed sites.
- Ranges traditionally capped at 2,000 km have been challenged. Iranian officials long claimed a self-imposed 2,000-kilometer limit, sufficient to reach Israel from western Iran. However, in March 2026, Iran launched two ballistic missiles targeting the U.S.-U.K. base at Diego Garcia in the Indian Ocean — more than 4,000 km away. One failed in flight; the other was intercepted. The attempt suggests modified systems or previously undisclosed capabilities that could threaten parts of Europe or further U.S. assets.
- Hypersonic and maneuverable warheads are advancing rapidly. The Fattah-1 and Fattah-2 hypersonic glide vehicles represent a major leap, with claims of Mach 15 speeds and the ability to maneuver in pitch and yaw during re-entry. These features are designed to evade advanced defenses like Israel’s Arrow system or U.S. Patriot batteries. Iran has deployed Fattah-2 in recent strikes, showcasing improved precision and terminal-phase adjustments.
- Key medium-range systems include the Shahab-3 family, Emad, Ghadr, Sejjil and Khorramshahr. The Shahab-3 and its variants reach 1,300-2,000 km with payloads up to 1,500 kg. The solid-fueled Sejjil offers similar range with faster launch readiness. The Khorramshahr, potentially reaching 3,000 km, carries heavy warheads suited for hardened targets. Many feature maneuverable re-entry vehicles (MaRVs) to complicate interception.
- Short-range missiles provide regional saturation capability. Systems like the Fateh-110, Zolfaghar and Khalij Fars (anti-ship variant) cover 300-700 km, threatening U.S. bases in the Gulf, Israel’s neighbors and shipping lanes. These are often deployed in large salvos to overwhelm defenses, combined with drones for complex attacks.
- Underground “missile cities” enhance survivability. Iran has invested heavily in deeply buried facilities and mobile transporter-erector-launchers (TELs) dispersed across the country. While Israeli strikes damaged surface infrastructure and some launch pads, many underground stockpiles and production elements survived initial waves, allowing limited continued operations.
- The program has been heavily targeted in 2025-2026 fighting. Joint U.S.-Israeli operations destroyed an estimated 60-85% of surface-to-air missiles and a significant portion of ballistic launchers and production sites. Strikes hit facilities in Tehran, Semnan, Khuzestan and elsewhere, reducing daily launch rates by up to 90% in some phases. Production sites for solid fuel mixers and components were repeatedly hit, though Iran has begun reconstruction using alternative methods and imported materials.
- Precision and lethality improvements focus on saturation tactics. Older missiles had limited accuracy, but newer variants with GPS-aided or inertial guidance, cluster munitions and heavier warheads aim to saturate defenses. In 2024-2025 exchanges, Iran fired hundreds of missiles in barrages, with some penetrating Israeli multi-layered defenses and causing casualties in urban areas. Recent attacks have shifted toward countervalue targets in populated zones.
- Reconstitution and future risks remain a major concern. Despite losses, Iran is rebuilding, potentially aiming for 8,000 missiles by 2027 if unchecked, according to Israeli assessments. Imports of sodium perchlorate and other components from abroad support solid-fuel production. The program’s dual-use nature with space launch vehicles raises proliferation worries, and any nuclear breakout could pair with these delivery systems. Ongoing conflict has degraded but not eliminated the threat, with experts warning that full restoration could take 1-2 years.
Iran’s ballistic missiles serve as its primary asymmetric tool, compensating for conventional air force weaknesses. The Islamic Revolutionary Guard Corps oversees much of the program, integrating it with drone swarms for layered attacks. While U.S. and Israeli strikes have degraded launch rates and infrastructure, Tehran’s ability to fire at distant targets like Diego Garcia has upended prior range assumptions and heightened concerns for regional stability and European security.
The 2026 war has exposed both the program’s resilience and its vulnerabilities. Production facilities remain under pressure, yet underground assets and rapid repair efforts suggest Iran retains a credible deterrent. As fighting continues, the missile program’s evolution will shape the conflict’s trajectory and broader Middle East dynamics.
Analysts stress that while current stocks are diminished, the combination of hypersonic technology, dispersal tactics and reconstitution speed keeps Iran’s arsenal a potent factor. International efforts to curb components and sanctions aim to slow progress, but enforcement challenges persist.
For now, the March Diego Garcia attempt stands as a stark reminder: Iran’s ballistic missiles, even when degraded, can project power farther and with greater sophistication than many once believed. The coming months will test whether sustained pressure can prevent a full rebound or if Tehran will field an even more advanced force.
Labutes IR is a Fund Manager/Analyst specialized in the financial sector, with more than 18 years of experience in the financial markets. I have worked at several type of institutions in the industry, always at the buy side and related to portfolio management. Associated with the existing author The Outsider.
Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
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