Big firms told to slash payment times to small suppliers

By Jordan Marshall2021-01-19T12:49:00

Source: Shutterstock

Prompt Payment Code changes mean signatories will soon have to play small businesses within 30 days

An overhaul of the Prompt Payment Code to crack down on delayed invoices owed to small businesses has been announced by the government.

Under new reforms, companies that have signed up to the Prompt Payment Code will be obliged to pay small businesses within 30 days – half the time outlined in the current code.

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