Page 6 - Prompt Payment Code News Today

Big businesses have been told they must pay small suppliers within 30, rather than 60 days, under a strengthened Prompt Payment Code. The Department for Business said the code, first introduced in 2008, needed to be bolstered to protect small firms as poor payment practices were "still rife" and threatened the viability of solid businesses as the country emerges from the It said that from July, the 3,000 companies currently signed up to the code would have to pay 95% of invoices to suppliers w...

Big firms to pay small companies within 30 days © Getty Images The UK will strengthen its Prompt Payment Code (PPC) to push larger firms to pay small businesses quickly. Under the changes, large companies that have signed up to the code must pay small businesses within 30 days instead of 60. The government estimates there are £23.4bn worth of outstanding late invoices. The issue is more prevalent than ever due to the impact of the pandemic. The small business minister Paul Scully said th...

Contractors signed up to the Prompt Payment Code will have to pay small businesses within 30 days, the government has announced. Under changes to the

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

Reforms to the Prompt Payment Code announced today, encouraging companies to stand by smaller suppliers

Shares in Kier jumped 11% this morning as it said half-year results would be “slightly above the board’s expectations” following the impact of Covid-related cashflow measures.

Bosses of big businesses will be asked to commit personally to settling small suppliers’ bills in no more than 30 days as part of an overhaul of a government-backed scheme that promotes fair treatment

The Department for Business, Energy and Industrial Strategy said poor payment practices are ‘still rife’ across the UK.

In our second major analysis of industry payment-practice reports, Megan Kelly delves into the government data to identify the best and worst payers in the sector. We also look beyond the headline figures to uncover the often complex reasons why some companies appear able to settle their debts more swiftly than others Slow payment has long plagued construction. It comes as no surprise to learn that, in 2020, amid a global pandemic, a national shutdown, and with many companies struggling for c...

Laing O’Rourke revealed today that it managed to boost its profit in its last financial year, despite COVID-19 adding at least £16m to its costs. Its results for the year ending 31 March 2020 marked a break from previous years when legacy projects such as its costly Canadian PFI hospital were hitting its bottom line. This year its operating profit margin hit three per cent. Its pre-tax margin was significantly lower at 1.9 per cent due to finance costs on hundreds of millions pounds of debt....