Government 55-day average payment rule comes into force

Contractors bidding for public works contracts worth over £5m must demonstrate they pay all invoices within 55 days, or face a public work ban.
The new stricter payment rules came into force from 1 April and require firms to demonstrate they are paying 95% of invoices within 60 days, and also paying all their invoices within an average of 55 days.
This represents a tightening of previous regime that required 85% of all supply chain invoices in 60 days in one of two previous six-month repor