PracticeConsultingSmall firms minister calls on UK business to uphold prompt payment

Small firms minister calls on UK business to uphold prompt payment

Small firms minister Patricia Hewitt is spearheading an initiative targeted at UK companies which have not signed up to a late payment code by the Better Payment Practice Group.

Under the scheme, all companies which have still to sign up to the Better Payment Practice Code will receive a letter from the minister urging them to show their commitment to prompt payment by becoming signatories.

Established in 1988, the code is a public demonstration that an organisation is committed to prompt payment.

Current signatories to the code represent 20% of Gross Domestic Product in the UK and include all government departments and agencies and many local authorities.

‘If more businesses become signatories the Code should become a trusted and valued indication of the business ethics of the organisations that sign,’ Hewitt said.

The Federation of Small Businesses said an enterprise culture could not be created unless there was a framework to foster it. Changing ethics is seen as a crucial step towards building such a culture in the UK.

Better Payment Practice Campaign websiteLate payment fight deepens

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