§ Lord Harrisonasked Her Majesty's Government:
How they intend to incorporate into United Kingdom law the European Union's recently agreed directive on late payment of commercial debt, an issue which affects small firms when participating in the single European market. [HL4795]
§ The Minister for Science, Department of Trade and Industry (Lord Sainsbury of Turville)We support the underlying principle of the recently agreed directive and we are keen to see greater clarity and transparency in cross-border transactions.
In line with Cabinet Office best practice requirements, the Small Business Service is currently preparing a consultation document which will be available in the New Year. This document will set out the proposed approach and a number of implementation options.
The responses to this consultation, together with results from discussions with industry specialists and small firms' representative organisations, will be important in ensuring that we implement the directive effectively, and in line with the Commission's transposition requirements, while meeting business needs.