UK Government’s Fair Payment Code Celebrates One Year

450 successful Code Awardees in the first year
Half of businesses on the new Code reach the Gold level
Business on the Code include: AstraZeneca, Aviva, BAE Systems, BT, Heathrow Airport, NatWest, Scottish Widows, Starling Bank, TSB Banking Group and the 450^th Awardee is Rightmove

The UK Government backed Fair Payment Code celebrates its first year at an event at the House of Lords today with the Accounts Payable Association (APA).

The Fair Payment Code is a tiered system of Awards aimed at driving best practice and improving payment performance. Businesses apply to join at Bronze, Silver or Gold providing evidence of their payment performance and references from partner businesses.

The 450^th Awardee on the Code was FTSE 100 company Rightmove. When asked why they applied to the Fair Payment Code, the UK’s largest online real estate property portal said “Rightmove is committed to ensuring fair, timely, and transparent payment practices to all our suppliers.”

Late payments cost the UK economy almost £11 billion per year with 14,000 businesses closing each year because of late payments, equivalent to 38 businesses every day. The 450 businesses awarded on the Fair Payment Code are getting money moving quicker through the economy, driving growth.

Emma Jones, Small Business Commissioner, said:

“What a year it has been since the launch of the Fair Payment Code! Every day this year we have welcomed at least one new business on to the Code. I am very proud that the Code has businesses from every corner of the UK, from household names to micro businesses, all have committed to being clear, fair and collaborative in their payment practices. If you value your supply chain and support a culture of fair payment in the UK, please get in touch with my team and join the Fair Payment Code.”

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