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Large firms may have to make payment practices public

Business secretary Vince Cable has announced plans to force large firms to publish their payment practices.

The proposal was revealed in a government response to its 2013 discussion paper Building a Responsible Payment Culture.

The government added that it would work with the Institute of Credit Management to strengthen the Prompt Payment Code.

Cable said: “For too long too many large companies have been getting away with not paying their suppliers on time to maximise their profits. It is small business that is suffering as a result and it needs to stop.

“The government has taken action to create a responsible payment culture but we need to go further. We will now make it compulsory for large companies to publish information about their payment practices so that those who are not playing fair can be held to account.”

A Construction Supply Chain Payment Charter was launched by the government last month, committing firms to payment terms of 30 days from January 2018.

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