Chancellor uses Spring Statement to give update on late payment proposals

By Will Ing2019-03-14T06:00:00

Philip Hammond also reveals funds for affordable houses and a consultation on a PFI replacement in his Spring Statement

Chancellor Philip Hammond said the government is going to clamp down on late payment as he unveiled a range of policies in the Spring Statement yesterday afternoon.

His pledge follows a consultation on payment terms by the government, with the business committee having already called for firms to pay their suppliers within 30 days – up to 20 days faster than the average time taken by contractors such as Kier and Balfour Beatty.

Hammond said the government would shortly provide a full response to the consultation but revealed one policy would require large companies’ audit committees to review payment terms and report on them in company accounts.

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