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.
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.