Ministers are urging all big businesses to “play fair” and adhere to the Prompt Payment Code, after 11 more firms including B&Q, Motorola UK, Sony UK, British Airways and AMEC signed up.
The Department of Business, Enterprise and Regulatory Reform held a breakfast seminar last week where it welcomed the new signatories of the voluntary pledge to pay suppliers promptly and as per contractually agreed. Government also took the opportunity to launch its new leaflet, ‘Paying on time is good for businesses’.
“Government has taken the lead with nine out of ten central Government invoices now being paid within ten days – the challenge is now for business to step up and play fair,” said business secretary Lord Mandelson.
“The promise by FTSE companies to pay on time is very welcome and will hopefully bring an end to the devastating impact which late payments can have on small business”.
Barclays plc, Standard Chartered, Sky, Centrica plc, Imperial Tobacco, BlackBerry are the other six firms that signed up on the day.
Mandelson vowed to write to all of the remaining FTSE companies that have not yet signed the PPC and urge them to do so.
