New reporting requirements on prompt payment were announced in the Budget 2015. The Procurement Policy Note 05/15 took effect on 1 April 2015 and requires central government departments, including their Executive Agencies and Non-Departmental Public Bodies, to publish the percentage of their invoices paid within i) five days and ii) 30 days, on a quarterly basis. From 1 April 2016, an additional requirement is to publish all interest liable, under the late payment legislation, on a quarterly basis.
Financial Year 2015/2016
Quarter | Paid within five days | Paid within 30 days | Interest liable amount |
One | 1 per cent | 66 per cent | N/A |
Two | 2 per cent | 68 per cent | N/A |
Three | 1 per cent | 66 per cent | N/A |
Financial Year | Percentage of invoices paid with 30 days |
2016-17 | 79.25% |
2017-18 | 100% |
2018-19 | 84.28% |
The information in the table above relates to UK invoices only.