To ask the Minister of Finance to detail any engagement he has had with the UK Government in relation to changes to prompt payment policy.

The British Governments prompt payment policy has no effect here as public procurement is a transferred matter.

The Procurement Act, which applies to this jurisdiction, mandates that all public procurement contracts, above the relevant threshold, include a 30-day payment term, which is implied in contracts even if not explicitly written into them. This term also extends to subcontracts meant to contribute to the performance of a public contract. Invoices have to be paid within 30 days of receipt, not when validated. This requirement is also a standard condition of contract for those contracts below the threshold at which the Procurement Act applies.

The Executive’s Prompt Payment Policy encourages government departments to aim to pay 90% of valid, undisputed invoices within 10 working days, while adhering to the statutory limit of 30 days.