Prompt Payment Performance

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 thier Executive Agencies and Non-Departmental Public Bodies, to publish the percentage of thier invoices paid within i) 5 days and ii) 30 days, on a quarterly basis. From 1 April 2016 an additional requirement will be to publish all interest liable, under the late payment legislation, on a quarterly basis.

 

 Financial Year 2015/2016

Quarter % paid within 5 days % paid within 30 days Interest liable amount
One 1% 66% N/A
Two 2% 68% N/A
Three 1% 66% N/A

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