Business: Billing

House of Lords written question – answered on 28th July 2014.

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Photo of Lord Barnett Lord Barnett Labour

To ask Her Majesty’s Government what assessment they have made of the current impact of late payments on small and medium-sized enterprises (SMEs); and what steps they are taking to support SMEs to mitigate the impact of late payments.

Photo of Baroness Neville-Rolfe Baroness Neville-Rolfe The Parliamentary Under-Secretary of State for Business, Innovation and Skills

The Government considered the impact of late payment on Small and Medium Enterprises in our discussion paper Building a Responsible Payment Culture. As a result we are working with industry to create greater transparency of payment practices and a more responsible payment culture. This will include a statutory requirement, via the Small Business Enterprise and Employment Bill, for large firms to publish their payment practices. In addition, we are committed to working with the Institute for Credit Management and businesses to strengthen the Prompt Payment Code.

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