Small Businesses: Billing

(asked on 23rd March 2015) - View Source

Question

To ask the Secretary of State for Business, Innovation and Skills, what steps he is taking to tackle late payment to small businesses.


Answered by
Matt Hancock Portrait
Matt Hancock
This question was answered on 26th March 2015

We have taken unprecedented step to bring transparency to late payment, and I can tell the House I have written to all signatories to the Prompt Payment Code to set out the new requirements of a 30 day payment term as the norm, with a 60 day maximum. And we have legislated to require 30 day payment terms to be mandated down entire supply chains for public sector work.

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