'Pay on Time' campaign signs up 10 FTSE companies to Prompt Payment Code
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...UK. Founded in 1944, they now own and manage more than 29 million sq ft of property, from shopping centres to offices.
Severn Trent plc - Provides and treats water and waste water in the UK, and internationally, through two main businesses — Severn Trent Water and Severn Trent Services
Tullow Group Services Ltd - Tullow Oil plc is a leading independent oil & gas, exploration and production group.
Debbie Abrahams, MP for Oldham East and Saddleworth, said: “Firstly we should give credit where it’s due to the ten global companies who have agreed to sign up to the Prompt Payment Code.
“They are prepared to lead by example and demonstrate their commitment to help SMEs across the UK with prompt payments right along their supply chain.
“Whilst all ten are confident that they already meet, or even surpass, the code’s criteria this is more about them showing leadership in the business world. Showing they are prepared to say publically what is acceptable business practice and to be held accountable for this.
“They are demonstrating that they recognise the importance of paying their bills to their suppliers on time and how their actions affect the thousands of hardworking SMEs across the UK who are currently owed £33B in late payments.
“To those companies who responded but said, as a global company, they didn’t feel it necessary to sign up to the voluntary code I say they are simply demonstrating their lack of empathy for SMEs and their lack of understanding of how unacceptable their behaviour is. It’s indicative of a selfish ‘I’m alright Jack’ attitude that should not be tolerated.
“The fact that they are global companies is no excuse and just doesn’t wash especially as the ten who are signing up are all international companies too.
“These companies say they are already paying their suppliers promptly anyway in... continued on page three >