Government pledges five-day payment terms for small firms

By Jordan Marshall2018-10-04T12:54:00

All departments will be required to have a dedicated non-executive director responsible for prompt payment

The government has promised to pay 90% of small businesses it employs within a week of receiving an invoice.

In an announcement made by small business minister Kelly Tolhurst the government has revealed it expects all its departments to commit to paying 90% of undisputed invoices from SMEs within five days.

All departments will also be required to have a dedicated non-executive director responsible for prompt payment, improving payment practices and exploring how better to use technology to make payment processes more efficient.

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