Business Services

Late payers to be named and shamed

Businesses could be forced to reveal detailed information on how long they take to settle their bills under new government plans aimed at tackling the estimated £46bn that is tied up in overdue payments to suppliers. Under the proposals, all listed companies with 250-plus staff would have to publish quarterly information on the average time it takes them to pay their suppliers, and the proportion of their invoices paid beyond agreed contractual terms. They would also have to report the proportion of invoices paid within 30 days, after 30 days, after 60 days and after 120 days. Business minister Matthew Hancock said more robust information would tackle an 'underlying culture' of slow payment of suppliers' bills.

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