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Business: Billing

Business, Innovation and Skills written question – answered on 25th February 2013.

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Photo of Adrian Sanders Adrian Sanders Liberal Democrat, Torbay

To ask the Secretary of State for Business, Innovation and Skills what steps he is taking to encourage private businesses to sign up to a Prompt Payment Code; and what steps he plans to take should companies not do so.

Photo of Michael Fallon Michael Fallon The Minister of State, Department for Business, Innovation and Skills

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.

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