More than 400 UK businesses have been officially recognised by the government for paying their suppliers promptly and fairly, as part of the Fair Payment Code, a scheme run by the Office of the Small Business Commissioner.
The code, launched in December 2024, is part of a national drive to combat Britain’s late-payment culture, which costs the economy £11 billion each year and leads to the closure of an estimated 14,000 small firms annually — equivalent to 38 businesses every day.
The milestone marks a growing movement among large and mid-sized firms to improve cash flow across supply chains, particularly at a time when small businesses continue to face high borrowing costs and fragile margins.
The Fair Payment Code Awards recognise organisations that demonstrate clear, transparent, and reliable payment practices. Awardees agree to abide by three central principles: to be Clear, Fair and Collaborative with their suppliers.
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