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Ban late payers from government contracts, say supply chain managers

News Summed Up 2019-12-03 05:30:00

Paul Uppal, who stood down as small business commissioner in October, said his budget had been too small to tackle the problem of late payers Times Newspapers LtdCompany directors must be held responsible for poor payment practices while big businesses that are slow to settle invoices should be barred from public sector work, according to supply chain managers. Seven in ten said that non-executives must oversee payment performance to prevent businesses from abusing their suppliers, according to the Chartered Institute of Procurement & Supply. Almost two thirds of the 817 people surveyed believe that a government threat to prevent serial late payers from bidding for government contracts will help to tackle the problem, which has been linked with the closure of about 50,000 businesses a year. Only one in twenty respondents believe all invoices are paid promptly, while close to one in six said most payments are settled late. More than half…