BBC reports today the the Prompt Payment Code - a UK government backed initiative to encourage big business to pay on time - isn't working. In other news, the sun came up this morning and it is expected to get dark sometime tonight. The Prompt Payment Code provides little more than gentle encouragement to business to demonstrate - in words at least - that they will pay according to terms. I wouldn't criticize for one moment those businesses that have signed up to it. I know that they are sincere in their intentions. But the code doesn't have teeth. It doesn't name and shame transgressors. It doesn't hold business to account if they pay little attention to actually delivering against the promise. And it's hardly surprising therefore that it's not working.