Castle Point MP Rebecca Harris has today welcomed the news that in just four months the number of FTSE 350 firms signing up to the Prompt Payment Code has tripled. There are now 126 FTSE 350 firms signed up to the code, with 94 new firms since November last year.  Three quarters of FTSE 100 companies have signed, or are in the process of signing, the Code.

The news has been welcomed by business groups, including the Federation of Small Businesses, Forum of Private Business and the Essex Chambers of Commerce.

The Prompt Payment Code is a code of conduct which commits signatories to pay suppliers on time, give clear guidance to suppliers and to encourage good practice.

Rebecca commented:

"This is great news for small businesses in Castle Point. Being paid promptly is vital for small businesses. Poor cash flow can prevent small firms growing and even push them into insolvency. We need to improve the payment culture and I welcome the response of big businesses in signing up to the common sense principles in the Prompt Payment Code. This drive from the Government will deliver long-term benefit for businesses up and down the country".

Denise Rossiter, Chief Executive of the Essex Chambers of Commerce, said:

"For the majority of businesses cash flow is key to survival,  and even more so for small businesses, so anything that speeds up payment of invoices is to be welcomed. I am delighted therefore that the number of major companies signed up to the Prompt Payment Code continues to grow and hope that we will see yet more join them in the coming months. This can only be good for business and Essex Chambers of Commerce will do all it can to encourage others to follow suit"