§ 34. Mr. BatesTo ask the President of the Board of Trade what representations he has received on the issue of late payment of commercial debt; and if he will make a statement.
§ Mr. McLoughlinMy right hon. Friend the President of the Board of Trade has continued to receive representations from a variety of organisations and individuals proposing responses to the problem of late payment.
On 30 November 1993, the Department of Trade and Industry published a consultation paper, "Late Payment of Commercial Debt", to seek the views of the business community on possible options to address the problem of late payment, including legislation for a statutory right to interest and a British Standard for prompt payment.
Responses to the paper were required by 31 March 1994. More than 340 responses have been received and are now under consideration.