The New Fair Payment Code: Supporting Small Businesses
Late payments are a major obstacle for small businesses, with 15% of SMEs citing cash flow challenges due to delayed payments in 2023. To tackle this, the UK government has introduced the Fair Payment Code, a transformative initiative aimed at promoting timely payments and supporting small business growth. What Is the Fair Payment Code? Replacing the Prompt Payment Code, the Fair Payment Code introduces a tiered award system—Gold, Silver, and…