Late payment help? Yes? No? Maybe?

Opinion

Late payment help? Yes? No? Maybe?

The Government has announced some new measures that may or may not help businesses in their never-ending quest to beat the problem of being paid late.

The measures only seem to be aimed at Government suppliers.

The key points in the announcement mean that the largest contractors will have their payment schedules monitored by the departments that contract with them; small businesses supplying those contractors will be asked to report any late payment behaviour - those reports will be published on the Cabinet Office website. And lastly, the Crown Representatives Team, the body that oversees key Government suppliers, will nudge - strongly - contractors to pay faster than 30 days.

No mention of any sanctions though.

WIll any of this make a difference? Unlikely.

This was first published in August 2011

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