NatWest joins the Good Business Country campaign

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NatWest Group, the leading banking and financial services organization serving 19 million customers in the UK, has become the first major bank to sign up and support the Good Business Country campaign.

NatWest Group is the UK’s largest business and commercial bank, helping around 1 in 4 businesses reach their full potential by removing financial barriers.
Today, the bank is strengthening its commitment to small business owners by joining the Good Business Pays campaign, launched in May 2021 to encourage large companies to accelerate their payments to small suppliers.

Alison Rose, NatWest Group Chief Executive, said: “As the biggest supporter of UK business, we understand the difference prompt payment makes to businesses across the supply chain, which is why we support the Good Business Country campaign. Throughout the pandemic, we have maintained immediate payment upon receipt of goods and services, which exceeds our commitment to the government’s prompt payment code.

We are proud to have been awarded Fast Payer accreditation by Good Business Pays for 2021, and we will continue to meet this standard as a bank committed to helping SMEs thrive and realize their potential.

Research commissioned by Good Business Pays from the Center for Economics and Business Research (CEBR) showed that up to £60billion in additional revenue would be unlocked for small businesses if their large customers paid them on receipt of invoices, adding thus essential capital to the national economy as we continue to deal with the Covid-19 pandemic and create up to 460,000 additional jobs.

Terry Corby, Good Business Country Campaign Chair, said: “We are delighted to have the support of NatWest Group, a company that has a long history of demonstrating its commitment to the business sector. NatWest Group is also a great example of a large company that recognizes and takes seriously its responsibility to pay smaller suppliers on time and promptly. It was one of the first major banks to receive the Good Business Pays Fast Payer award in 2021.

“It’s really encouraging to see a great organization continue to support small business recovery and growth in such a competitive environment. I look forward to working with NatWest Group, alongside our other supporting organizations, to end our culture of late payments. According to the latest data from the FSB, this threatens to force almost half a million UK small businesses to close.

The Good Business Pays campaign aims to get businesses to not only pay on time, but to work quickly for payment when small. It calls on other major companies to join the NatWest Group by signing up to show their support by adopting a set of commitments:
1. Comply with the principles of the prompt payment code;
2. Explore digital solutions to pay bills for small suppliers when they need it;
3. Provide access to data that helps accelerate the Small Business Bill Pay program;
4. Ensure that data on payment performance is published in accordance with the “reporting obligation” imposed on large companies;
5. Undertake a quarterly review of supplier feedback on payment performance.

The Good Business Pays campaign is supported by the Federation of Small Businesses, CBI, Make UK Manufacturers Group, BCC, IoD and the Creative Industries Federation.

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