Government to launch late payment consultation
Business news 16 Oct 2013
The Government is to launch a new consultation aimed at tackling the problem of late payment for small businesses, Prime Minister David Cameron has announced.
As part of the consultation, the Government will examine the effectiveness of the existing Prompt Payment Code and consider whether there is more that can be done to hold companies to account against it.
The code was set up in 2008 with the aim of encouraging large businesses to pay their suppliers on time.
However, many of Britain's biggest companies have still not signed up to the voluntary code, while some signatories are still thought to be stretching payment terms to up to 120 days.
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