June 12 2014.

Following a consultation in which a clear majority of businesses called for more disclosure to tackle late payment, the government says it will require larger firms to publish information of their payment practices, and will also act to remove legal barriers preventing firms from accessing invoice finance.

The government will also work with the Institute of Credit Management to strengthen the Prompt Payment Code and to increase accountability of signatories. Where legislation is required to implement the package, it will be introduced when parliamentary time allows.

A government response to the discussion paper is available online HERE.