§ Mr. Nigel GriffithsTo ask the President of the Board of Trade when he expects to bring forward legislation for statutory interest on trade debts; what representations he has received from the Institute of Credit Management on the subject; and what was his response.
§ Mr. McLoughlinMy noble Friend the Minister with responsibility for small firms and consumer affairs has received a response to the Department of Trade and Industry consultation paper "Late Payment of Commercial Debt" from the Institute of Credit Management. The institute's contribution has been acknowledged and will be carefully considered with other responses.
The consultation paper sought the views of the business community on options to address late payment, including legislation for a statutory right to interest and a British standard for prompt payment. Responses to the consultation paper are currently being examined.