New Clause 11 - Director's Report (Statement of Payment Practice)
Companies (Audit, Investigations and Community Enterprise) Bill [Lords]
11:00 am
Ms Jacqui Smith (Minister of State (Industry and the Regions and Deputy Minister for Women), Department of Trade and Industry; Redditch, Labour)
Section 257 of the 1985 Act enables the Secretary of State to amend part VII of that Act. The Government have not yet thought it necessary to use that power to introduce a standard reporting format along the lines proposed by new clause 11 because there is no evidence that doing so would improve the quality and usefulness of the information given.
The record shows that our actions are bearing fruit. The new clause is therefore not necessary or desirable. However, we will continue to keep the situation under review, listen to the concerns of small businesses and hon. Members, and continue to make progress in tackling the problem of late payment.