Supermarket chain Morrisons is to pay its small suppliers immediately to help keep them afloat amid coronavirus uncertainty. The move aims to help suppliers get through any difficulties caused by the spread of the disease, a spokesman said. Morrisons is the first major UK supermarket to make this kind of change to its payment terms. It follows government measures to support small firms and the UK economy. Small firms supply Morrisons with thousands of its products. Paying them immediately will help them weather any difficulties they face through disruptions to their manufacturing processes, or if any of their staff go sick, the spokesman said. "We're aiming to help them through the next weeks and months," he said. "We want to help local producers, farmers, and fishermen during an uncertain time." For the smallest suppliers, with an annual turnover of £100,000 or less, the normal Morrisons payment period is 14 days. For firms with a turnover between £100,000 and £1m, that period is from 30 to 60 days. All firms with a turnover of up to £1m will be paid immediately. For larger firms, the payment period will remain at 60 days.
