Late payment practices are a significant strain on small businesses including commercial vehicle operators who often have to pay their suppliers and other bills on time whilst facing long periods to be paid.
We are pleased to see recent Government legislation meaning companies with public sector contracts have to abide by 30-day payment terms within their supply chains for that specific work.
This will be extended to all the suppliers used by companies as a condition for bidding for large public contracts from April. More needs to be done but this is a step in the right direction.
