PPC non-signatories ‘named and shamed’

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Michael Fallon, Business Minister, has named and shamed hundreds of businesses that haven’t signed up to the Prompt Payment Code (PPC).

The PPC was set up by the government to commit the UK’s biggest firms to reducing the burden of late payments on smaller firms by paying them quicker, in turn helping keep the UK’s SME cashflow going in the right direction during a tricky economic period.

Having written to FTSE companies in November last year to request they sign up, Fallon has now published the list of companies on the government website.

126 FTSE 350 companies have signed the code, whilst three quarters of FTSE 100 companies have also pledged their support. This leaves in excess of 200 who haven’t responded.

Chief Executive of the Forum of Private Business (FPB), Phil Orford said: “Companies that have chosen to sign up must understand that it is not just a token gesture, but a sizeable responsibility against which their payment practices can and will be judged.”

To view the full list of both signatories and non-signatories, click here.