The Prompt Payment Code is a national initiative to prevent businesses failing because of late invoice payments. It aims to pay suppliers on time, provide clear guidance to suppliers and encourage best practice.
We are asking all commercial suppliers in our supply chain to sign up to the terms and conditions of the Prompt Payment Code.
All organisations should benefit from faster payments. If you employ subcontractors, we would ask you to pass on those faster payment terms to help smaller organisations further down the supply chain.
To find out more, visit the Small Business Commissioner website.
Prompt payment to suppliers statistics
The table below shows the total number of invoices paid within 30 days from 2018 to 2023.
| Year | Number of invoices paid in 30 days | Percentage | Interest paid to suppliers | Notional interest on late payments |
|---|---|---|---|---|
| 2018 | 17,382 | 94% | £0 | £12,717 |
| 2019 | 17,583 | 93% | £0 | £11,002 |
| 2020 | 17,059 | 93% | £0 | £11,872 |
| 2021 | 19,626 | 93% | £0 | £16,613 |
| 2022 | 18,677 | 96% | £0 | £15,496 |
| 2023 | 20,409 | 98% | £0 | £10,545 |
The table below shows the monthly breakdown for 2024 so far.
| Month | Number of invoices paid in 30 days | Percentage | Interest paid to suppliers |
|---|---|---|---|
| January 2024 | 2,150 | 99% | £0 |
| February 2024 | 1,497 | 98% | £0 |
| March 2024 | 1,504 | 99% | £0 |
| April 2024 | 1,964 | 98% | £0 |
| May 2024 | 1,367 | 99% | £0 |
| June 2024 | 1,568 | 99% | £0 |
| July 2024 | 1,558 | 99% | £0 |
| August 2024 | 1,395 | 98% | £0 |