‘Name and Shame’ Deadline In War over £37 bn Late Payments!
After Business Minister Michael Fallon announced Government plans to name and shame anyone not signing up to the Prompt Payment Code in November 2012 it has finally started to make some waves among industry giants. Power and temperature control rental giants Aggreko along with supermarket leaders Sainsbury’s and Morrisons are all leading the way after being said to be in talks about changing their payment terms to adopt the prompt payment code.
Read the full story by The Telegraph’s Nathalie Thomas and James Hurley here.
The news of the giants stepping forward comes shortly after the Telegraph published the revelation that late payments in the UK had climbed to over a staggering £37 billion and the Government’s plan to ‘go to war’ on late payments, giving all companies in the FTSE 350 just one month to sign up to the prompt payment code (PPC) before being publically named and shamed.
Read the full story by The Telegraph’s Kamal Ahmed and James Hurley here.
Fallon’s decision to ‘go to war’ on bad payers is thought to have been encouraged by the uproar and calls to action that came after Streetwise Buddy Steve Sutherland made the brave and heroic decision to cut his company Dortech’s 13 year long relationship with Balfour Beatty due to “constant difficulties”, which included waiting over 200 days for payment on completed work to be processed, only to have the value of the work subjected to retrospective discounts.
Read the full story by The Telegraph’s James Hurley here.
But what does this mean for the Construction and Engineering industries? Will this pave the way for better payment terms and relationships between main and specialist contractors? Only time will tell, but in the meantime we can all keep doing our bit to influence the outcome. Keep spreading the word about the #buildfair4all campaign. Follow us on Twitter and join us on LinkedIn to keep updated on the latest #buildfair4all news. We also have a group of over 1,100 likeminded people on LinkedIn where we regularly discuss the industry news and issues, as well as give advice and support. You can also check out our Silver and Gold Buddy memberships to find out how we could help your business grow without major setbacks such as late payments and other disputes getting in the way.
Steve Sutherland’s story of unfair treatment and late payments sound familiar to you? Tell us YOUR story, anonymously if preferred, by emailing email@example.com
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