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In a written statement to Parliament, the Government laid put the information regarding payment terms it expected large companies to reveal.
Amongst the measures, large companies will need to publish information by law on their past performance with regards to prompt payment, and make clear what their payment policies are. Those who sign up to the prompt payment code will have a maximum payment term of 60 days.
Chris Bryce, Chief Executive of self-employed and freelancer group, IPSE, said: “Late payment remains a major issue for small businesses across the country who rely on regular pay to keep their business afloat. It’s encouraging that the Government has recognised that this issue impacts heavily on people’s livelihoods and are trying to tackle the problem.
“The new measures will mean the worst offenders will be named and shamed, something which we called for in our manifesto. Although the announcement fell short of creating a small business conciliation service which would allow independent professionals to get the payment they deserve without lengthy court action, the Conservative Party has committed to this policy and we hope all Parties will do the same ahead of the General Election.”
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Susie Hughes © Shout99 2015
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