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That this House notes that small- and medium-sized enterprises (SMEs) across the country are suffering acutely as a result of late payment, with many firms' survival being put at risk by cash flow problems; recognises that large companies and Government agencies have a moral duty to pay suppliers promptly; further notes that recent figures suggest that over one million SMEs are currently being affected by late payment and that the total outstanding funds owed amount to 36.4 billion; further recognises the steps taken by the previousadministration to tackle late payment, including bypassing the Late Payment of Commercial Debts (Interest) Act 1998 and working alongside business organisations and the Institute of Credit Management tolaunch and get firms signed-up to the Prompt Payment Code; applauds firms which are signed-up to and abide by the Prompt Payment Code and which pay their suppliers on time; further notes the success of the Be Fair Pay on Time campaign in signing-up 12 additional FTSE 100 firms to the Code; regrets that some FTSE 100 firms have so far refused to sign-up to the Code while others have failed to respond to the campaign; further notes the Government's failure to transpose the EU directive on late payments into UK law earlier than required, despite having promised to do so; and calls both on large firms to sign-up to the Prompt Payment Code and the Government to redouble efforts to sign-up firms to the Code and to tackle late payment.
Total number of signatures: 60
Showing 60 out of 60