ECA applauds Chancellor’s payment reforms for SMEs

Leading electrotechnical and engineering services body ECA has welcomed Chancellor Jeremy Hunt’s commitment to enhance payment times for SMEs in his Autumn Statement.
From April 2024, companies bidding for large government contracts will need to demonstrate they pay invoices within an average of 55 days, and tapering to 30 days in the coming years, to “end the scourge of late payments,” according to the Chancellor’s Statement this week.
The announcement builds on the work