Mark Garnier MP has today welcomed the news that in just four months the number of the UK's 350 biggest firms - FTSE 350 companies - 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 the top 100 companies - FTSE 100 companies - have signed, or are in the process of signing, the Code.
Mark Garnier commented: 'This is great news for small businesses, both in Wyre Forest and in Worcestershire more widely. The Prompt Payment Code will commit its signatories to pay suppliers on time, give clear guidance to suppliers and encourage good practice.
'Small business owners constantly tell me how vital prompt payment is - and this committed drive from Conservatives in Government 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 businesses in signing up to the common sense principles in the Prompt Payment Code.
"But the work will not stop here. I will keep up pressure on firms to sign up and continue to ensure government leads by example in paying its suppliers on time. Central government has a good record. Now, I will be challenging other parts of the public sector to show their commitment to the principles of the Code'.