Help to crack problem of late payment
Local MP, Andrew George, is urging local businesses to report any problems they experience with late payments.
The Government recently launched a campaign “Business in You” to encourage larger businesses to adopt a Prompt Payment Code. One of the biggest problems facing smaller businesses which supply larger corporations is having to endure late payment.
Mr George said: “Late payments have contributed to business closure and job losses. I welcome the Government’s campaign and that Government Departments are leading by example.
“I want to hear from any local businesses which still suffers the problem of late payment.”
Mr George chairs the national Grocery Market Action Group which has successfully campaigned to get the Competition Commission to introduce new rules to stop larger supermarkets from using bully-boy tactics with their suppliers, including late (90 day or more) payment terms.
Government departments have also adopted the Prompt Payment Code and are working to improve performance across the whole of Government. Last year the Department of Business, Innovation and Skills achieved 95% payments within 5 days.
A thousand businesses have already registered for the Prompt Payment Code and further information is available from http://www.promptpaymentcode.org.uk
The Institute of Credit Management is also promoting a range of practical business tools online and this is available at http://www.creditmanagement.org.uk/bisguides and offering mentors to support businesses.
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