UK Training Industry Press Releases

Business Secretary Lord Mandelson today launched a new Code of Practice to help increase the speed of payments to smaller companies. The code was launched at a prompt payment summit, where Lord Mandelson met representatives from some of the UK's top companies including John Lewis Partnership, British Gas and Asda.

The code, developed with the Institute of Credit Management and supported by major business organisations, aims to establish a clear and consistent policy in the payment of business to business bills.

The Institute of Credit Management will host the code on its website and will include a facility for suppliers to raise concerns about late payers.

"I am very pleased we have been able to reach agreement on the code today. The code focuses on ensuring firms pay their suppliers on time and do not attempt to change their payment terms retrospectively. This will be essential to help smaller firms maintain cash flow in the months ahead. "I want the maximum number of businesses to sign up to it and I will be convening another meeting in a month's time to track progress." The Code of Conduct, which leading suppliers are urged to sign, focuses on three main areas:

• A commitment to pay suppliers on time;
• To give clear guidance to suppliers; and
• To encourage good practice.