That is the message from East of England Development Agency chief executive Deborah Cadman. She has urged businesses to sign up to the government’s Prompt Payment Code, which commits them to paying their suppliers on time.
She is also to write to local councils, health bodies, public sector organisations and business groups who have yet to sign up to secure their commitment to the code.
Mrs Cadman (pictured) said: “The costs to business of late payments is quite staggering, with one in four companies going insolvent as a result of their invoices not being paid on time. UK firms also paid over £180 million in unnecessary interest charges.
"It is clear, if we all commit to paying on time, we can help each other through these tougher times.”
