Prompt payment code for SMEs needs more muscle
Large firms should be made to pay SMEs within 30 days of invoice, urges the Chartered Institute of Building, CIOB, in its Covid-19 and Construction report. The professional body wants the government to strengthen the prompt payment code, which requires companies to pay SME suppliers within a month. It has highlighted that ‘a mere’ 3,500 companies are signatories to the code because it’s voluntary. The call follows recent CIOB research showing more than half of the 1,400 SMEs surveyed were [...]