Industry views sought on payment performance

Ministers have not yet said if they will renew the requirement to report payment times, which expires next year on 6 April.

The government is also looking at whether to expand the requirements, for example by including additional reporting metrics.

Chair of the CLC business models workstream and chief executive of the Electrical Contractors Association, Steve Bratt, said: “The regulations introducing the duty to report on payment performance have been welcome and have provided a focal point for monitoring and improving payment performance.

“However, it is important not to stand still on our progress and to seek opportunities to improve further.

Going further

“This consultation explores going further, notably by seeking to measure the monetary value of payments made as well as the volume, and the provision of detailed information about retentions held.

“Seeking further clarity on these two issues have been a major challenge for our industry and the consultation provides an ideal framework to have meaningful discussion.

“We are grateful to those in our industry who have taken the lead over the years to improve payment behaviours to date, and we hope that they will continue to work with us to deliver next level transformative change.”