BEIS has today published its plans to strengthen the Prompt Payment Code (PPC), ensuring that larger companies pay their suppliers on time.
The required payment period to small businesses is to be slashed in half to 30 days, with commitments to be made personally by CEOs or Finance Directors.
The tougher rules come as government looks to increase powers of the Small Business Commissioner to protect jobs and growth as we build back better from the pandemic.
Many companies are already signatories to the PPC.
If you are SME working for lead subtractor, remind them about the prompt payment code!