Banks: Internet Transfers of Cash
Debate between Baroness Penn and Baroness Burt of Solihull
Baroness Penn
My Lords, the National Crime Agency was set up to tackle crimes that take place at a national rather than a local level. I am confident that they have adequate resources to carry out the task at hand.
Baroness Burt of Solihull (LD) [V]
Money laundering is a very serious issue, but according to the FSB it comes on top of a worsening late payment problem during the Covid crisis. Can the Minister reassure the House that she will look into this issue, and redouble the Government’s efforts to tackle late payments for SMEs, which have stalled during Covid?
Baroness Penn
The Government are committed to clamping down on late payments. We made a manifesto commitment that we will deliver on to strengthen the powers of the Small Business Commissioner in this regard. Regarding Covid, there is mixed evidence on late payments. We are seeing evidence of good and bad practice from businesses; the Small Business Commissioner is monitoring this very closely.