Dodds challenges public sector to do its part

Finance Minister, Nigel Dodds, has announced that Northern Ireland Departments have set a target of ensuring that invoices are paid within 10 days, in order to help local businesses through these difficult economic times.

At present the target is 30 days after checking and approval. He has urged other public sector organisations to do the same.

The Minister highlighted that this target would be of particular importance to the small and medium sized enterprises (SMEs) that play such a vital role in the local economy.

Mr Dodds said: “In Northern Ireland, 99.7% of businesses in the private sector are SMEs, accounting for 67.4% of private sector employee jobs. I understand that these businesses are facing challenging times and I have been looking at ways in which the Executive can provide practical help to this sector.

“A major issue facing many companies at present is their cash flow position. I believe that the public sector can play its part here by working to ensure that invoices are paid within 10 days following checking and approval.

“I therefore want all Departments to ensure that their payment systems are changed to support this objective. By ensuring bills are paid more quickly, the public service can move to support local businesses in a practical way and help them survive the economic downturn.”

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