July 05 2017
The UK Government has announced that 32 of its largest suppliers have signed up to its Prompt Payment Code. This commits them to paying 95% of invoices within 60 days and to work towards reducing this time to 30 days. The businesses together account for 40% of government procurement spend, each having around £100m of business across government departments.
Margot James, Minister for Small Business said:
"We want the UK to be the best place in the world to start and grow a business, but the UKís small-to-medium-sized businesses are currently owed over £26bn in overdue payments. Such unfair payment practices hamper a businessís ability to invest in growth, and have no place in an economy that works for everyone."
"It is only right that the Government should lead by example, and itís great to see all 32 of our strategic suppliers signed up and committed to fair payment terms."
The full list of 'Strategic Suppliers' signed up to the Code is shown in the table below.
|Government Suppliers Signed up to Prompt Payment Code|
|BAE Systems||British Telecom||Capgemini|
|IBM||Interserve||Integrated Service Solutions|
|Sodexo||Sopra Steria||Telereal Trillium|
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