Tories will not do deals with late payers

The Conservative Party has said it would not allow late payers to bid for government contracts if it is re-elected. In their manifesto, the party said it would use the government’s buying power to ensure large contractors complied with the Prompt Payment Code on both government and non-government contracts. “If they do not do so,

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Late payments to SMEs now total £266bn

The level of late payments affecting UK SMEs has reached £266bn, according to research. The research, based on a survey commissioned by supply chain finance provider Crossflow Payments and conducted by market research firm YouGov, found an average of 15% of the SME sector’s average annual turnover was stuck in the payment chain. The £266bn

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Firms must report payment performance

Large companies are now required to report on their payment practices and performance as part of the UK government’s industrial strategy. They will have to publish information twice yearly on how long they take to pay supplier invoices among other things. The reports will be published online to help smaller suppliers decide what companies they

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The six fundamentals of procurement

Procurement isn’t rocket science, it’s not brain surgery and it’s not curing illness, junior buyers have been told. For the most part, procurement is “absolutely about following a series of systems and processes” to identify, source and manage contracts, said Matthew Sparkes, head of financial services at the Crown Commercial Service (CCS), who describes himself

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