Minister calls upon public sector to sign payment vow.
This pledge aims to improve the rates of cash flow amongst West Midlands businesses.
With around pounds 20billion a year of public sector resources likely to come into the region by 2012, the public sector has an important role to play ensuring businesses and suppliers are paid promptly to maintain their liquidity.
The announcement was made at the March meeting of the West Midlands Taskforce in Birmingham and the leaders of Advantage West Midlands, Business Link West Midlands, Jobcentre Plus, Manufacturing Advisory Service - West Midlands, Government Office for the West Midlands and the Learning and Skills Council agreed to make this commitment a priority.
Regional Minister Ian Austin said: "Since I established the West Midlands Taskforce in November of last year, I have met hundreds of companies and the single biggest issue they have raised is cash flow.
"The public sector has a role to play and can make a difference. By seeking to pay invoices within ten working days, we will increase business liquidity, so I am delighted that organisations on the Taskforce were the first to sign up."
Nick Paul, Chairman of Advantage West Midlands said: "I am delighted to see the public sector put its money where its mouth is. Equally, I hope that businesses themselves will follow our example and take the pledge - we're in this together and we'll get out of it together."
Regional Minister Ian Austin and Nick Paul, Chairman of Advantage West Midlands
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|Publication:||The Birmingham Post (England)|
|Date:||Mar 31, 2009|
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