Late payment fines proposed

MPs support calls for late payment finesA cross-party survey of MPs commissioned by the Association of Accounting Technicians (AAT) shows that almost three quarters support plans to fine companies that repeatedly fail to pay their suppliers within 30 days. The proposals also include a call to make the voluntary Prompt Payment Code a legal requirement for large firms. Of the 100 MPs polled, none opposed the plan, while 27% said they didn’t know or neither agreed or disagreed with the proposals which were last month endorsed by the business select committee. The AAT’s Phil Hall said: “Government action to tackle this problem, from the voluntary payment code to compulsory but feeble reporting requirements – as well as the creation of a small business commissioner with no real power – have all predictably failed to stem the scourge of late payments.”