Big businesses have been told they must pay small suppliers within 30, rather than 60 days, under a strengthened Prompt Payment Code.
The Department for Business said the code, first introduced in 2008, needed to be bolstered to protect small firms as poor payment practices were"still rife" and threatened the viability of solid businesses as the country emerges from theIt said that from July, the 3,000 companies currently signed up to the code would have to pay 95% of invoices to suppliers with 50 employees or fewer within 30 days.
The department also demanded that either the chief executive, finance chief or a director of a participating company made a personal commitment to the code.The idea behind it is that those signed up become trusted customers for small suppliers but they must, in return, ensure prompt payment of invoices.Last year, Shell and BAE Systems were among the firms to be suspended from the code for failing to honour the pay commitment.
Good. Long overdue.
This should be across the board of which have said for years. Always the small company who gets ignored or put to back.
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