Businesses: Prompt Payment

House of Lords written question – answered on 20th March 2014.

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Photo of Lord Harrison Lord Harrison Chair, EU Sub Committee A - Economic and Financial Affairs

To ask Her Majesty’s Government what plans they have to encourage an early-payment culture in business and commerce, where incentives are offered in return for invoices being paid in advance of payment terms.

Photo of Viscount Younger of Leckie Viscount Younger of Leckie The Parliamentary Under-Secretary of State for Business, Innovation and Skills

The Government is determined to build a responsible payment culture in the UK in which suppliers are treated fairly and paid on time. In addition to encouraging prompt payment, the Government is encouraging larger companies to put in place schemes like supply chain finance that can give smaller firms greater access to affordable working capital.

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