With the support of the Department of Business and Trade, the Small Business Commissioner has launched a new Fair Payment Code. The new Code rewards businesses in the UK for adopting fair payment practices for suppliers of all sizes, and will include a set of fair payment principles that companies are required to sign up to, as well as three award categories: Gold — For companies paying 95% of their suppliers within 30 days; Silver — For companies paying 95% of their small business suppliers within 30 days and all other suppliers within 60 days; Bronze — For companies paying 95% of suppliers within 60 days. The new Code will replace the Prompt Payment Code, which has been operational since 2008. The Small Business Commissioner, Liz Barclay, said: “The new Code will reward businesses that treat their suppliers fairly and pay them quickly. It will also include an ambitious new Gold Award which aims to make 30-day payments the new standard for which businesses can aim.” For more information, go to https://www.smallbusinesscommissioner.gov.uk/new-fair-payment-code/.
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