Government departments failing on faster payments pledge
A survey of small firms that supply Government departments has found that only 1% are paid within ten days, despite the Business Secretary Lord Mandelson's faster payments pledge.
The research, carried out by credit reference agency Graydon UK, revealed that 39% of respondents received payment between 10 and 30 days after the invoice date, while 53% of businesses were paid within 30 to 60 days. Martin Williams, managing director of Graydon UK, said: "The Government's pledge is taking longer than expected to find its feet, but time is a luxury that many small businesses simply don't have."
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