From next Friday 1 April, the prompt payment threshold will increase for suppliers bidding for Government contracts above £5 million per annum. In accordance with the updated Procurement Policy Note (PPN) 08/21, companies will be required to show that they pay 90% of invoices within 60 days and have an action plan in place to achieve a standard of 95% in future, otherwise they risk being prevented from bidding.

On average, Build UK Contractor members pay 95% of their invoices within 60 days, and the payment performance table shows the percentage of invoices paid within 60 days for more than 100 of the industry’s largest companies.