UK companies among best payers
The Better Payment Practice Group has warned companies not to rest on their laurels despite evidence that UK companies are the third best payers in Europe.
The group, a public/private partnership formed to campaign against late payments, highlighted figures release by business information company Dunn & Bradstreet which show that 57% of UK companies now paid their bills promptly.
The warning came as the introduction of the second part of the Late Payment of Commercial Debts (Interest) Act 1998 was due to allow small businesses to claim interest from other small businesses on debts incurred on contracts signed after 1 November 2000.
Better Payment Practice Group Late payment by large firms increases by 11%