Local MP David Mundell has welcomed the news that in just four months the number of FTSE 350 firms signing up to the Prompt Payment Code has tripled. There are now 126 FTSE 350 firms signed up to the code, with 94 new firms joined since November last year. Three quarters of FTSE 100 companies have signed, or are in the process of signing, the Code
The news has been welcomed by business groups, including the Federation of Small Businesses and the Forum of Private Business.
The Prompt Payment Code is a code of conduct which commits signatories to pay suppliers on time, give clear guidance to suppliers and to encourage good practice.
Mr Mundell commented: “This is great news for small businesses, both in Dumfriesshire, Clydesdale and Tweeddale and across the UK more widely. Small business owners constantly tell me how vital prompt payment is and I am pleased the Government has taken action.
"This measure is not an answer in and of itself but hopefully it will help small businesses to maximise their cash flow. I will continue to push for more measures to support local businesses.”