Scotland’s Good Payment Performance Helps Companies To Withstand Economic Downturn
Ninety-five per cent of payments to Government suppliers are now made within 10 days, helping companies withstand the pressures of the downturn, John Swinney said today.
The Finance Secretary was commenting on new figures which show payment performance has more than doubled since Ministers introduced a 10-day target for paying invoices one year ago.
In October 2008, around 46 per cent of bills were paid within 10 days. By March, this had risen to almost 92 per cent. Performance has further improved since then, rising to 95 per cent in August and September.
Mr Swinney said:
“Companies and business organisations rightly expect prompt payment from Government, particularly in a recession, when businesses face challenges on a daily basis.
“We have acted by including a clause in our contracts to drive faster payment of transactions, which is vital for companies at a time when they need practical help from Government.
“We are determined to build on the progress made and lead by example. I would encourage all other organisations to follow suit, and ensure good payment practice right down the supply chain.
“Scottish Ministers will continue to ensure all government activity is geared towards supporting economic recovery through real action.”
The Scottish Government announced the 10-day target in October 2008, and later confirmed that a clause would be included in contracts to require payment within 30 days to all businesses in the supply chain, particularly small businesses.
This includes payments made by executive agencies using the Scottish Government’s financial system and processes. These cover a broad range of goods and services supplied to Scottish Government bodies such as office equipment, computers and stationery.Ninety-five per cent of payments to Government suppliers are now made within 10 days, helping companies withstand the pressures of the downturn, John Swinney said today.
The Finance Secretary was commenting on new figures which show payment performance has more than doubled since Ministers introduced a 10-day target for paying invoices one year ago.
In October 2008, around 46 per cent of bills were paid within 10 days. By March, this had risen to almost 92 per cent. Performance has further improved since then, rising to 95 per cent in August and September.
Mr Swinney said:
“Companies and business organisations rightly expect prompt payment from Government, particularly in a recession, when businesses face challenges on a daily basis.
“We have acted by including a clause in our contracts to drive faster payment of transactions, which is vital for companies at a time when they need practical help from Government.
“We are determined to build on the progress made and lead by example. I would encourage all other organisations to follow suit, and ensure good payment practice right down the supply chain.
“Scottish Ministers will continue to ensure all government activity is geared towards supporting economic recovery through real action.”
The Scottish Government announced the 10-day target in October 2008, and later confirmed that a clause would be included in contracts to require payment within 30 days to all businesses in the supply chain, particularly small businesses.
This includes payments made by executive agencies using the Scottish Government’s financial system and processes. These cover a broad range of goods and services supplied to Scottish Government bodies such as office equipment, computers and stationery.
Topics: downturn, Economy, Governance, Government Suppliers, invoices, Minister, payments
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