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New measures announced to strengthen Prompt Payment Code

Tuesday 2nd October, 2018

The Business Secretary Greg Clark has announced a series of new measures to back businesses and entrepreneurs, support workers and ensure every part of the country benefits from the government’s modern Industrial Strategy.

The announcements build on the government’s record of delivering right across the Industrial Strategy - from record levels of investment in research and development, the biggest transformation of technical education and retraining in a decade to the fastest growth in infrastructure in the G7.

Included in these new measures the government will strengthen the Prompt Payment Code with a new tough and transparent compliance regime. A call for evidence will be published later this week which will consider the best way to ensure company boards put in place responsible payment practices throughout their supply chain, including whether all company boards should give one of their non-executive directors specific responsibilities for the company’s prompt payment performance.

The Small Business Commissioner will join the Prompt Payment Code’s Compliance Board to support his role in tackling late payment.

The Small Business Commissioner, Paul Uppal, Said, “I welcome the opportunity to join the Prompt Payment Code’s Compliance Board. I am looking forward to working with the Prompt Payment Code Administration Team and improving current processes to ensure timely payments, which will encourage growth and productivity for SME’s across the UK.”