Small Businesses: Late Payments
Debate between Baroness Lane-Fox of Soho and Viscount Younger of Leckie
Viscount Younger of Leckie
The noble Lord makes a couple of important points. It is an ethical issue. The previous Government brought in the prompt payment code, which is voluntary. My honourable friend in the other place—the Minister of State, Michael Fallon —contacted a number of FTSE 100 companies and managed to increase the number signing up to the code from 30 to 72. The noble Lord is completely correct on the economic issue. That is why we have made some good progress in ensuring that supply chains are properly managed.
Baroness Lane-Fox of Soho (CB)
Is the Minister aware that only 30% of the UK’s small and medium-sized businesses are able to transact online? Therefore, does he agree that building their digital skills and encouraging them to use them is a fundamental part of addressing this problem?
Viscount Younger of Leckie
I know that the noble Baroness has a long and very successful history in this field. Of course, I very much support what she says and, with her, I encourage businesses to do just that.