§ Maria EagleTo ask the President of the Board of Trade when she will publish a summary of the responses to the Green Paper, "Improving the Payment Culture: a Statutory Right to Claim Interest on Late Payment of Commercial Debt"; and if she will make a statement. [20585]
§ Mrs. RocheI am publishing today a summary of the responses received to the Green Paper "Improving the Payment Culture: a Statutory Right to Claim Interest on Late Payment of Commercial Debt". The paper shows that there is strong support for the Government's proposals on the best way to legislate to give small businesses the right to charge interest on late payment of commercial debt. In time, the new right will be extended to all businesses and the public sector.
The Department distributed the Green Paper to businesses, business representative organisations, interested individuals and the public sector. More than 450 responses were received. I am very pleased that so many people have taken the time to contribute views. We have listened carefully to what they have had to say; in a technical area, the views of experts have been crucial in framing the proposed legislation.
The Green Paper listed Government proposals on which responses were requested. I am delighted that the proposals received the very firm endorsement of respondents.
It is clear that there is real support for a statutory right to claim interest. This bears out all that the Government had heard from small firms themselves. Late payment is a real problem for business. Firms are tired of having to carry the cost of their customers' late payment.
Copies of the summary will be placed in the Libraries of both Houses.