Business Secretary Lord Mandelson today launched a new Code of Practice to help increase the speed of payments to smaller companies.

The code was launched at a prompt payment summit, where Lord Mandelson met representatives from some of the UK's top companies including John Lewis Partnership, British Gas and Asda.

The code, developed with the Institute of Credit Management and supported by major business organisations, aims to establish a clear and consistent policy in the payment of business to business bills.

The Institute of Credit Management will host the code on its website and will include a facility for suppliers to raise concerns about late payers.

The Code of Conduct, which leading suppliers are urged to sign, focuses on three main areas:

- A commitment to pay suppliers on time;

- To give clear guidance to suppliers; and

- To encourage good practice.

Visit the Prompt Payment Code website