With the support of the Department of Business and Trade, the UK’s Small Business Commissioner has announced that it will launch a new Fair Payment Code later in Autumn 2024. The new Code will reward businesses that adopt 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. Additionally, there are 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. For more information, go to https://www.smallbusinesscommissioner.gov.uk/new-fair-payment-code/.