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|
The information in the table above relates to UK invoices only.