§ Mr. BaldryTo ask the President of the Board of Trade what research her Department has(a) commissioned and (b) evaluated on late payment of debt by companies. [69]
§ Mrs. RocheMy Department is aware of the continuing difficulties experienced by small businesses as a result of the late payment of commercial debts. Although this Department has not commissioned any research on this matter it has closely analysed the findings of other key pieces of research including the recent work undertaken by NOP which showed that 80 per cent. of British businesses wanted a statutory right to interest. These findings are supported by similar research undertaken by Lloyds Bank and Office World which show that the majority of small firms are in favour of legislation.
The Government is determined to change the payment culture in the UK and that is why we have responded to the calls from small businesses and announced in the Queen's Speech that we will introduce the Fair Payment of Commercial Debts Bill. The Government will consult on the most appropriate way of introducing legislation and plans to bring forward a Green Paper in the Summer to enable interested parties to put their views forward.