The Reporting on Payment Practices and Performance Regulations programme has come into force. This is a crucial step to help tackle the late payments issue that has been a consistent drain on smaller firms and suppliers.
Business Minister Matthew Hancock has unveiled more details of how large companies will be required to publish their payment practices.
Drinks giant Diageo introduced a new supply chain finance scheme as cover for extending payment times to suppliers, according to correspondence obtained by the Forum of Private Business (FPB).
Q: Many of our large clients are only willing to do business on the basis that we agree to their (ludicrous) payment terms. This means we’re on terms we can’t afford, simply to keep the business and it’s impacting our working capital. Help!