Questions to the Mayor of London – answered at on 21 September 2022.
With the Federation of Small Businesses estimating that around 80,000 London businesses could fold as a result of late payments, what pressure are you putting on larger businesses who are making late payments to small businesses?
The GLA leads by example, ensuring that the GLA group demonstrates good practice through its contracts. My Responsible Procurement Implementation Plan includes measures to address poor payment behaviour from our larger suppliers. To that effect the GLA group will be measuring the percentage of its suppliers paying over 95% of their invoices within 60 days and the number of suppliers that are signatories to the Prompt Payment Code.
The GLA group also measures its performance and has a commitment to pay 90% of its SME invoices within 10 days.