In Focus Collections
implement ethical business practices and sign up to become a code signatory and join us on our journey to aid business recovery post COVID-19”.
Crisis FSB national chairman Mike Cherry said: “A late payment crisis was massively stifling the UK economy before Covid hit. The pandemic has deepened it. FSB has campaigned for good payment practice to become the norm across the UK economy, not least through a toughening of the PPC and the adoption of 30 days as the new maximum payment period. “It is good to see the progress announced
today by BEIS and especially the outgoing Small Business Commissioner that has driven this agenda. It is now time for swift delivery, and for all existing and future PPC signatories to implement 30 days as the new maximum. Ending our pernicious poor payment culture for good over the coming months will be fundamental to turning our hopes of economic recovery into reality.”
Supply chains The Confederation of British Industry’s chief UK policy director Matthew Fell said: “COVID-19 has once again highlighted the importance of maintaining healthy supply chains. Small companies are the backbone of the economy, but remain the most at risk from a late or unpaid invoice – particularly after months of pressure on cashflow. Businesses have been making good progress to improve payment practices, but more can be done. “Introducing new rules to drive faster
payments to smaller businesses will strengthen supply chains, benefiting the firms that need it most, and shortening the road to recovery.” The PPC currently has over 2,800
signatories, who are required to pay 95% of their invoices within 60 days or else be publicly struck off the code until substantial changes to their payment practices have been made. When a company is struck off the code
for poor practice, this is publicly announced by the Small Business Commissioner’s Office. A record of signatories and struck- off companies is maintained on the PPC and SBC websites.
February 2021
www.CCRMagazine.com 33 The changes to the code sit alongside a
consultation on the powers of the Small Business Commissioner, which closed on 24 December. Details can be reviewed here. The government will publish consultation responses and take forward proposed reforms in due course.
Principle Business Secretary Kwasi Kwarteng said: “If you deliver quality goods or services on time, you should expect to be paid on time. Unfortunately, this basic principle of good business is not always respected by bigger firms, jeopardising the survival of thousands of smaller suppliers and the millions of jobs they support. “This is bad for business, bad for jobs
and bad for the wellbeing of hardworking business owners and their families at a time when they need all the help they can get. “As business secretary, I want to see
more large companies signing up to our strengthened PPC. But be under no doubt – I am also determined to bolster the role
of the Small Business Commissioner with powers to issue legally binding payment orders, launch investigations and levy fines if needs be. “With these vital reforms, we can transform
the UK’s business payment culture to build back better in 2021 and support the jobs, investment and growth we need to recover from the pandemic.” CCR
If you deliver quality goods or services on time, you should expect to be paid on time. Unfortunately, this basic principle of good business is not always respected by bigger firms, jeopardising the survival of thousands of smaller suppliers and the millions of jobs they support
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