Chloe Smith MP, Minister for Political and Constitutional Reform, highlighted the Government's commitment to fair payment in the construction industry at the 2012 NSCC (National Specialist Contractors Council) Annual Lunch last week (21 November).
NSCC welcomed more than 175 guests from across the supply chain to mark five years of success for the Fair Payment Campaign and the Minister highlighted how efficiency savings can be realised through prompt payment.
The Government aims to increase efficiency in the public sector by up to 20% by 2015 and the industry is set to benefit from faster and more secure payments through the use of Project Bank Accounts (PBAs), with £4 billion worth of projects to be awarded through PBAs by the end of 2014.
Chloe Smith MP said: 'No business can be at its best when it is not being paid properly and by that I mean being paid the amount agreed, for work properly executed, and, just as importantly, in good time. Timely access to cash is critical to the survival of all businesses...and there is now a contractual obligation for all central Government contracts to be paid within 30 days.'
She attended the event on behalf of Francis Maude MP, Minister for the Cabinet Office, who was named as one of NSCC's Fair Payment Champions for his contribution to improving payment practices in the industry by putting prompt payment to suppliers at the heart of Government policy.
NSCC has recognised 14 Fair Payment Champions, including clients and NSCC Specialist Contractors, for the commitment they have shown to fair payment within their businesses or the industry as a whole.
Kevin Louch, NSCC president, said: 'It is encouraging that the Government is leading the way when it comes to fair payment practices and its support has been fundamental to the progress that has been made by the Fair Payment Campaign over the past five years. I am incredibly proud to be part of 'Team NSCC' which remains committed to improving the business environment for Specialist Contractors.'
For more information visit www.nscc.org.uk