Nuneaton’s MP Marcus Jones has welcomed an initiative by the Department for Business, Innovation and Skills called the ‘Prompt Payment Code’.

The initiative is aimed at improving the time taken for customers to pay their suppliers. Getting paid promptly is vital to businesses, particularly smaller suppliers. The Government’s first step is to lead by example, and Government Departments now pay 80% of invoices within 5 days. The Business Department averaged 95% in 2011.

The former leader of Nuneaton and Bedworth Borough Council was instrumental in changing Nuneaton and Bedworth Borough Council’s payment terms to 10 days for paying small and medium sized businesses in 2009.

The Prompt Payment Code is a benchmark and Marcus is keen to promote the initiative among the Town’s business community.

Commenting on the initiative, Marcus said: “I am pleased that Government is taking the lead in tackling this problem as I know what difficulties it can present for many businesses. Over 1,000 businesses are now taking part in the scheme but there is scope for thousands more to get involved.

“In addition to this scheme, 1,000 specially trained financial mentors are being provided to offer support to businesses. I would encourage anyone interested in getting involved to do so.”

More information for businesses can be found at the following addresses:

Prompt Payment Code: www.promptpaymentcode.org.uk

Credit Management: www.creditmanagement.org.uk/bisguides

Mentors Me: www.mentorsme.co.uk

Department for Business, Innovation and Skills: www.bis.gov.uk