MoD meets supplier invoice target

16 May 2016

The Ministry of Defence (MoD) has met its target for paying supplier invoices promptly.

The Ministry said that, as a signatory to the Prompt Payment Code, it was fully committed to paying all suppliers as quickly as possible, as are its trading partners.

Since May 2010 it has been aiming to pay 80% of invoices within five working days.

The MoD said that for the financial year 2015/2016, it paid 96.6% of invoices in the first quarter within the five-day target, 97.2% in the second quarter, 96.7% in the third and 93% in the fourth quarter. It added that 99.9% of all invoices were paid within 30 days in all quarters.

It also said that it processed around 4.2 million invoices each year, with a total value of more than £27bn.

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