Government pledges 5-day payment for small businesses

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Construction Enquirer
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paymentssmall business

Small to medium-sized firms are being promised five-day payment terms from Government as part of a fresh push to stamp out late payment.

The latest Government attack on late payment has been prompted by the collapse of Carillion and widespread outrage about its back-stop of 120-day payment terms despite being signed up to the prompt payment code.

The move to pay 90%  of undisputed invoices from SMEs within five days, comes as the Government tries to reboot its late payment measures with a call for evidence on the best way to tackle the scourge once and for all.

Among the latest measures being looked at are forcing company boards to have a non-executive director responsible for prompt payment performance and empowering trade bodies to highlight the best and worst practices in payment behaviour.

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