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PARTNERSHIP ON PAYMENT

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Leading small firms representative organisations joined small firms minister Barbara Roche at the first meeting of ...
Leading small firms representative organisations joined small firms minister Barbara Roche at the first meeting of a group to look at better payment practice.

The role of the group is to help shape and influence the private and public sectors' efforts to tackle the problem of late payment. It will also inform and influence the work of other organisations and the sector.

The group includes the Association of British Insurers, British Bankers Association, British Chambers of Commerce, Business Link Network Company, CBI, Factors and Discounters Association, Federation of Small Businesses, Forum of Private Business, Institute of Credit Management, Institute of Directors, National Farmers Union and the Union of Independent Companies. It is committed to working with the Government to promote a more ethical payment culture in the UK.

Mrs Roche said:

'This group will form an integral part of the government's commitment to work in partnership with the business community to bring about a more ethical payment culture in the UK. Its work will be to help propose and develop measures to tackle the late payment of commercial debt.

'I am pleased that all the members have agreed to form an alliance with the government - we all share a commitment to improving Britain's payment culture and cutting the time that businesses are kept waiting for their bills to be paid. There are many ways to tackle the problem of late payment, with all the partners working to their strengths, together, we can put together a comprehensive package that will make a real difference.

'The government will play its part and has a requirement for the public sector to lead by example in paying their bills on time. The Fair Payment of Commercial Debts Bill will give businesses a statutory right to claim interest and new measures will help small firms improve their credit management.'

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