Clause 23
Energy Bill
4:00 pm
Charles Hendry (Shadow Minister, Business, Enterprise and Regulatory Reform; Wealden, Conservative)
The clause seems generally fine, but I have a question about subsection (6), on the payment of interest. Can the Minister clarify how widespread such a provision is in Government policy? I know that they have always stood firm against firms being able to charge interest on the late payment of bills, and have not been prepared to legislate to allow that, but if we do not pay our tax on time, a statutory rate of interest applies. What is the general principle on the payment of interest on late payments?