Quarterly reports on UK Export Finance's prompt payment performance under reporting requirements on announced in the Budget 2015.
Government is committed to creating a supportive environment in which ambitious businesses can flourish. Late payment is a key issue for business, especially smaller businesses as it can adversely affect their cash flow and jeopardises their ability to trade. The Government recognises that the public sector should set a strong example by paying promptly.
The Government announced the following reporting requirements in the Budget 2015:
- From April 2015, all in-scope organisations will publish the percentage of their invoices paid within i) 5 days and ii) 30-days, on a quarterly basis.
- From April 2016, all in-scope organisations will publish all interest liable, under the late payment legislation, on a quarterly basis.