§ Mr. AlexanderTo ask the Secretary of State for Trade and Industry if he will make a statement on the response by business to legislation on the late payment of debt. [71477]
262W
§ Mr. BattleOne of the Government's key science policy initiatives is to encourage the commercialisation of outcomes from our excellent research base. In that connection, I am delighted to be able to announce the winners of the University Challenge Fund Competition which has been funded and operated jointly by Government, the Wellcome Trust and the Gatsby Charitable Foundation.
The successful applications are:
§ Mr. WillsLate payment has a devastating impact on Britain's small businesses. This Government are determined to improve the UK's payment culture to ensure that small businesses can thrive and prosper.
The Late Payment of Commercial Debts (Interest) Act 1998 commenced on 1 November 1998 and provides small suppliers with a statutory right to claim interest on late paid bills and transfers the cost of late payment from the supplier to the late payer.
263WMy Department is working with the Credit Management Research Group at Leeds University to monitor the legislation, although it is too early to draw conclusions about its impact. However, evidence from the recent Grant Thornton International/Business Strategies Ltd. survey has shown an improvement in the time taken by business in the UK to pay its bills. In addition, evidence from other European Countries that have introduced legislation shows that effective legislation can tackle late payment, particularly when supported by other measures.