Business: Billing

Business, Innovation and Skills written question – answered on 11th September 2013.

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Photo of Chuka Umunna Chuka Umunna Shadow Secretary of State for Business, Innovation and Skills

To ask the Secretary of State for Business, Innovation and Skills what plans he has for consultation or call for evidence on proposals to introduce a fine for late payment.

Photo of Michael Fallon Michael Fallon The Minister of State, Department for Business, Innovation and Skills , Minister of State, Department of Energy and Climate Change

The Government carried out a consultation on late payment last year prior to transposing an EU directive on late payment into UK law. UK legislation gives companies a statutory right to charge interest at 8% above the Bank of England base rate, and collect administration charges for late payment.

We are looking at additional legislative and non-legislative options to tackle ongoing late payment problems, ensure companies are aware of their existing statutory rights, and encourage take up of those rights. If we assess that further legislative measures are likely to be effective and proportionate, we will consult on these in a timely way.

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