UK Government’s Fair Payment Code awards over 400 businesses

  • The Fair Payment Code, operated by the Small Business Commissioner has awarded over 400 UK businesses for their payment practices.  
  • Since launching in December 2024 businesses of all sizes from across the UK have been awarded under the rigorous application process.  
  • The Fair Payment Code is open for the next cohort of businesses who pay fair and quickly to apply.  

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 400 businesses awarded on the Fair Payment Code are getting money moving quicker through the economy, driving growth.  

There are three tiers of Awards on the Code: 

  • Gold Award – for those firms paying at least 95% of all invoices within 30 days    
  • Silver Award – for those paying at least 95% of all invoices within 60 days, including at least 95% of invoices to small businesses within 30 days    
  • Bronze Award – for those paying at least 95% of all invoices within 60 days    

In addition, every business granted an Award agrees to abide by the Code’s principles of being Clear, Fair and Collaborative with their suppliers. Since launching in December 2024 over 400 businesses of all sizes and a range of industries, across the UK have become Code Awardees.   

The Fair Payment Code Awards are for two years, and every business needs to reapply for their Award at the end of each two-year period. Now (between September – December) is the best time to apply for an Award to ensure you get a full two years, but applications are accepted all year round. See how to apply on the Small Business Commissioner website.

Emma Jones, Small Business Commissioner, said: 

“It is fantastic to celebrate this milestone for the Fair Payment Code with businesses across the UK.  Code Awardees are leaders in fair and quick payments, getting money moving through the economy, and encouraging growth in supply chains. But this is just the start, I want to see more businesses applying to the Code so we can continue to build a positive payment culture where paying on time is simply seen as the right thing to do.”  

Ken McHugo, Head of Supply Chain at NatWest Group and Fair Payment Code Gold Awardee, said: 

“NatWest Group the biggest backer of businesses in the UK with more than 1.5 million customers, from start ups and SMEs to multinational companies. We know first-hand from our business banking customers how important prompt payment is to cash flow, success and growth. By being a Gold Awardee on the Fair Payment Code, we have shown our commitment to supporting our suppliers through our efficient payment processes.” 

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