§ Mr. ColvinTo ask the President of the Board of Trade how many small business organisations have made 131W representations (a) supporting and (b) opposing the Government's proposals for a statutory right to interest on late payment; and if she will make a statement. [848]
§ Mrs. RocheI have had representations from two small business organisations, one of whom was in favour of legislation for a Statutory Right to Interest and the other one of whom was opposed.
It is clear that late payment continues to cause concern to small businesses. Business surveys consistently show that over 60 per cent. of small firms support the introduction of legislation for a Statutory Right to Interest. It is in direct response to these concerns that the Government will introduce the Fair Payment of Commercial Debts Bill.
Representations from small business organisations will be sought in response to the Green Paper on a statutory right to interest that we plan to publish in the summer.