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Prompt payment - Philip King talks payments on ITN programme

Thursday 22nd March, 2018

The Minister for Small Business says the collapse of Carillion must act as a catalyst to supporting small businesses and prompt payment is a central part of the solution.

Interviewed exclusively for ‘Credit Champions’ a news and current affairs-style programme created by The Chartered Institute of Credit Management (CICM) and ITN Productions - Andrew Griffiths MP championed the role of the Prompt Payment Code:

"The Code is working well and we can make it even better,” he says. "The Code sets the benchmark and Gold Standard to which companies must adhere."

The launch of the programme today coincides with an announcement last week from the Chancellor, Philip Hammond MP, of a new consultation into late payment.

CICM Chief Executive Philip King said, "The Code has played an important part in beginning to change attitudes to late payment, with more than 2,100 signatories to date," he says, "but there is much more that can be done to promote the benefits of the Code and to strengthen the challenge process.

“Whenever a challenge has been raised we have been successful in finding a resolution. What we need, however, is for the Code to be more widely promoted and supported, and for business organisations to get behind it, and actively encourage their members to raise challenges where appropriate, rather than appearing to undermine its value and purpose through a lack of understanding of its key aim.

"Business organisations are also able to raise challenges on behalf of their members and this too needs to be clearly promoted."

The full programme can be viewed here.