By Chris Dorrell Labour confirmed plans to eradicate late payments to small businesses as part of a package of measures designed to help entrepreneurs. Among a range of measures announced today, the opposition said they will “stamp out” late payments to small businesses by requiring big firms to report on their payment practices. This would require audit committees to issue a report on late payments. Late payments have been a major hindrance to small businesses, often contributing to cash flow problems and forcing firms to divert resources to chasing unpaid bills. According to the Office of th…