Laura Sharman 07 December 2017

Councils could face up to £1bn in late payment penalties, report warns

Councils could face up to £1bn in late payment penalties, report warns image

Councils could face up to £1bn in late payment penalties, according to new report into local government payment practices.

The research, conducted by Oxygen Finance, found the current late payment liability for councils stands at £160m for 2015/16. However, it warned this figure was based on the minimum penalty so could be as much as £1bn.

The Time for Change report found that 87% of councils do not record their late payment liability, and nearly half do not have an e-invoicing system in place.

Ben Jackson, CEO at Oxygen Finance, said: 'There is a perceived wisdom that late payment legislation has no real teeth - since who will bite the hand that feed them, but it could really bite hard if suppliers start to systematically exercise their right for six years’ worth of late payments.'

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