New payment rule proposed

MPs call for 30 day supplier pay ruleMPs have said large firms should be legally forced to pay their small suppliers within 30 days. A report from the Business, Energy and Industrial Strategy Committee calls for firms to sign the Prompt Payment Code and give the Small Business Commissioner the power to fine companies that pay late. Committee chair Rachel Reeves said: “Unless the Government levels the playing field and acts to bring in a tougher regime for poor payment practices then we choke off the opportunity for SMEs to invest and grow in the future."