THE Forum of Private Business is urging the public sector to ensure it sticks to a target of paying small firms in ten days, following a new European Union ruling.
The ruling, an amendment to the EU Late Payments Directive, will introduce a standard 30-day deadline in which payments must be made to small firms.
While seen as a positive move, there are concerns that it could lead many public sector bodies to abandon Britain’s domestic ten-day target.
Phil Orford, chief executive of the FPB, says: ‘Central government departments are largely meeting the ten-day target.
‘It is important that the UK sector continues to strive to set the standard for other countries and private companies to follow.’
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Tags: Enterprise Zone, EU Late Payments Directive, Forum of Private Business, small business, SMEs, Starting a Business
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