Small Businesses: Finance — Question

Part of the debate – in the House of Lords at 3:07 pm on 25th February 2015.

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Photo of Lord Cotter Lord Cotter Liberal Democrat 3:07 pm, 25th February 2015

My Lords, recently the Business Minister wrote to the FTSE companies which are not signed up to the Prompt Payment Code. More than £39 billion is owed in overdue payments to SMEs, so this is a very important issue. Can the Minister tell us what progress has been made on encouraging the many FTSE companies which are not signed up to the code to do so and on ensuring that we carry on pursuing this matter? SMEs are saying that late payment of bills is the main bar to their growth.