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Forum welcomes much needed moves to provide greater teeth to the Prompt Payment Code

Commenting on today’s announcement of changes to the Prompt Payment Code, Phil Orford MBE, chief executive at the Forum of Private Business, said:

“No small business should have to wait for an unreasonable length of time to be paid. We welcome that the Government recognises that more than 60 days is unreasonable in most circumstances. It is fundamentally unfair that small businesses are being used as a line of credit for larger organisations and propping up big business, and the government’s moves to provide much needed teeth to the Prompt Payment Code are what many small business suppliers have wanted to see.

“The fact that some signatories continue to operate payment terms of as much as 120 days is yet another example of the supply chain abuse that threatens to break the backbone of the British economy – small businesses. The need for further action from policy makers to fix the broken big business ethics culture in the UK is fundamentally clear.”

 

Press office contact: john.walding@fpb.org, 01565 626016

 

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