North East SME campaign to support the payment code

Campaign group SME Forum of Private Business (FPB) has urged firms were more likely to sign up to Prompt Payment Code to help suppliers Forecasts weather economic storm. Code, incorporating the Institute of Credit Management, along with a number of parties have to agree to commitments. They include paying suppliers on time in the agreement at the beginning of the contract, without trying to change payment terms retrospectively, giving clear guidance to suppliers and ensure there is a system for dealing with complaints, and encourage best practice by asking major suppliers encourage adoption throughout the supply chain code their own. Said senior policy adviser Alex Jackman Forum: "Prompt payment is crucial for the cash flow of any business, and especially in small businesses in the supply chain. "Prompt Payment Code is to encourage and promote best practice between organizations and their suppliers. Code signatories focus to pay their suppliers in clear terms, and is also committed to ensuring the proper process to deal with any issues that may arise. ' Labour MP Debbie Abrahams launched a campaign to persuade all the FTSE 100 companies to sign up to the Prompt Payment Code. Letters were sent to 70 or PLC that have not done so, ask them to make it a priority. FPB chief executive Phil Orford, who signed the letter, said: "Prompt Payment Code is something that all large companies can and should subscribe. "The code is nothing more than asking for responsible business than to pay suppliers and when approved, without changing the time of payment retrospectively. "We know the fort FTSE 100 UK private sector businesses, and to subscribe to their code led the way as they really should be for others to follow. "This is their chance to lead by example in what is a very important issue for small businesses." FPB has its own space online business ashamed believe not play fair with their suppliers through measures such as extending the time of payment. Suppliers can nominate businesses they believe they are being treated unfairly by contacting the Forum has documented proof. Calls are treated confidentially. FPB has recently taken the company out of the hall Bristan shower shy business after signing up to Prompt Payment Code. Companies based in Staffordshire added after it increased payment terms from 30 days to 90 years. Alex Jackman said: "But it's not just the timeliness of payments, even fast payment always welcome, but rather starts certainty be paid to really important, and allows companies to plan well for the short term and the future. "Therefore we praise Bristan to act on our advice."