12 November 2008 | Paul Snell
The Welsh public sector is the latest to announce it will accelerate payment terms.
In a joint statement following the second all-Wales economic summit, First Minister Rhodri Morgan, deputy minister Ieuan Wyn Jones and Welsh secretary Paul Murphy said the country would move towards making payments to its suppliers within 10 days.
They added ensuring that public sector organisations in the principality consistently meet the current target of payment within 30 days was the "first step" to reaching the new goal. The statement also reaffirmed the country's aim to encourage the use of regional suppliers.
The economic summit was held to review the financial situation so that Wales can meet challenges and is in a position to benefit from any potential upturn in the economy. Progress on the objectives will be announced at the next summit in December.
Last week Devon County Council announced it would expedite its payment of vendors to within 20 days (Web news, 6 November). Business secretary Lord Mandelson pledged the government would pay small firms within 10 days to help them weather poor economic conditions (News, 30 October).