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MPs back fines for late payments to suppliers

MPs have backed calls to fine businesses that repeatedly fail to pay suppliers within 30 days.

The Telegraph reported that a survey of 100 MPs found that three-quarters supported measures to make the voluntary Prompt Payment Code a legal requirement for large companies.

The code states that payment within 30 days should be the norm, and that 60 days should be the maximum. The code already has signatories including Tesco and BP.

MPs support a hard limit of 30 days, and say the code should become a requirement for all businesses that employ more than 250 members of staff. The suggestion of a system of fines for those breaking the code was also supported.

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