Tackling Late Payments: Suffolk Businesses Urged to Join the Fair Payment Code
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Late payment remains one of the most damaging challenges facing small businesses — and the problem is growing. One Suffolk business recently reported waiting more than four months to receive payment for their services, a delay that can have serious cashflow consequences for any SME or freelancer.
Pauline Prockter, Suffolk Programme Director for the New Anglia Growth Hub, says it’s an issue her team is seeing more often:
“This has sadly been an age-old issue in the business community. We are seeing increased numbers over the past two years highlighting late payment as a principal issue for many sole traders and SMEs in Suffolk. The Fair Payment Code is highly welcomed by many, and we’ve certainly been able to help clients consider signing up for this government-backed business support plan.”
The Fair Payment Code, administered by the Office of the Small Business Commissioner, aims to promote faster, fairer payments across the UK. It offers three award tiers — Gold, Silver, and Bronze — to recognise businesses that consistently pay their suppliers promptly.
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Gold: 95% of all invoices paid within 30 days
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Silver: 95% of all invoices within 60 days, and 95% to small businesses within 30 days
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Bronze: 95% of all invoices paid within 60 days
Participation is free, and all awardees commit to the Code’s core principles of being Clear, Fair and Collaborative with their suppliers. Since its launch in December 2024, more than 350 UK businesses have already signed up.
With late payments costing the UK economy £11 billion each year, Suffolk businesses are being urged to take action — and the Growth Hub’s team can help.
If your business is struggling with late payments or contract disputes, contact the New Anglia Growth Hub’s Suffolk team to explore the Fair Payment Code and other local support available to help you protect your cashflow and grow with confidence.
📩 suffolkenquiries@newangliagrowthhub.co.uk
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