Over 400 UK businesses recognised under government's Fair Payment Code

"The code, launched in December 2024, is part of a national drive to combat Britain's late-payment culture, which costs the economy £11 billion each year and leads to the closure of an estimated 14,000 small firms annually - equivalent to 38 businesses every day. The milestone marks a growing movement among large and mid-sized firms to improve cash flow across supply chains, particularly at a time when small businesses continue to face high borrowing costs and fragile margins."

"The Fair Payment Code Awards recognise organisations that demonstrate clear, transparent, and reliable payment practices. Awardees agree to abide by three central principles: to be Clear, Fair and Collaborative with their suppliers. To qualify, firms must provide detailed evidence of their payment behaviour, verified through a rigorous assessment process. There are three award tiers, based on invoice settlement performance: * Gold Award - for businesses paying at least 95% of all invoices within 30 days."

More than 400 UK businesses have been recognised for prompt, fair supplier payments under the Fair Payment Code, run by the Office of the Small Business Commissioner. The code, launched in December 2024, targets Britain’s late-payment culture that costs the economy £11 billion annually and forces about 14,000 small firms to close each year. Awardees commit to Clear, Fair and Collaborative practices and must supply verified evidence of payment behaviour. Three award tiers (Gold, Silver, Bronze) are based on meeting 95% invoice-settlement targets within specified timeframes. Awards last two years; applications open September–December.

Read at Business Matters