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I wrote to the chief executives of FTSE 350 companies in November urging them to sign up to the Prompt Payment Code, administered on behalf of Government by the Institute for Credit Management. The code's signatories commit to pay their suppliers on time, give clear guidance to suppliers and encourage good practice. The code gives small and medium-sized businesses confidence when dealing with larger suppliers that they are publically committed to paying promptly.
The Government will publicise the results of this campaign shortly.