Payment of Debt (Hansard, 12 January 1994)

§ 17. Mr. Burns
To ask the President of the Board of Trade when he expects to bring forward proposals to deal with the late payment of debts.

Mr. McLoughin
On 30 November my Department published the consultation paper; it considers possible measures to address late payment including legislation for a statutory right to interest and a British standard on prompt payment as well as inviting other ideas. Responses to the consultation paper are invited by 31 March 1994.
Any measures arising from the consultation process will be implemented as soon as practicable after that date. In the meantime, the Government will continue to address the problem of late payment through the range of initiatives which have already been introduced.

§ 20. Mr. Bates
To ask the President of the Board of Trade what representations he has received on proposals to tackle late payment of commercial debt; and if he will make a statement.

§ Mr. McLoughlin
Representations have been received from individual small businesses and from other interested organisations seeking action to reduce the incidence of late payment. They have proposed a variety of possible measures, all of which have received careful consideration.
My Department is currently consulting on possible new measures to address the problem of late payment through the consultation paper "Late Payment of Commercial Debt". Responses are invited by 31 March 1994. In the meantime, the Government will continue to address the problem of late payment through the range of initiatives which have already been introduced.