John Baron MP welcomes tripling of Prompt Payment pledges to help support small businesses

11th March 2013
By

MP commends big news for small businesses

 

John Baron MP has today welcomed the news that in just four months the number of FTSE 350 firms signing up to the Prompt Payment Code has tripled. There are now 126 FTSE 350 firms signed up to the code, with 94 new firms since November last year. Three quarters of FTSE 100 companies have signed, or are in the process of signing, the Code. The news has been welcomed by business groups, including the Federation of Small Businesses and the Forum of Private Business.

The Prompt Payment Code is a code of conduct which commits signatories to pay suppliers on time, give clear guidance to suppliers and to encourage good practice. Business Minister Michael Fallon wrote to big businesses in November urging them to sign up to the Prompt Payment Code or be named publicly.

John said:

“This is good news for small businesses, both in Basildon and Billericay and in Essex more widely. Small business owners tell me how vital prompt payment is – and this will deliver long term benefit for businesses up and down the country.”

Michael Fallon, Business Minister, commented:

“Late payment is a real issue for businesses across the country. It is not fair – poor cash flow can prevent small firms growing and even push them into insolvency. We need to improve the payment culture and I welcome the response of big business in signing up the common sense principles in the Prompt Payment Code.”

Ends

Word Count:  261

Date: 11th March 2013

Notes to Editors

 

 

John Baron will not post replies to any comments - to contact John please Click here or alternatively for a full list of contact details Click here

Leave a Reply

Your email address will not be published. Required fields are marked *