To ask the Secretary of State for Business, Innovation and Skills, what steps he is taking to ensure that signatories of the Prompt Payment Code adhere to its regulations; and if he will make a statement.
11 November 2014
Under the current arrangements of the Prompt Payment Code, suppliers have the ability to challenge signatories via the Prompt Payment Code website.
In recognition that more needs to be done to strengthen the Code, the Government launched the business-led Prompt Payment Code Advisory Board in October 2014. Its remit covers strengthening the monitoring and enforcement of the Code.
The Government and the ICM now plan to develop proposals to ensure that signatories better adhere to the Prompt Payment Code’s principles in the coming months.