Small Businesses: Late Payments

Debate between Lord Prior of Brampton and Lord Cotter

Monday 11th September 2017 Lords Chamber

[Lord Prior of Brampton]

My Lords, the British Business Bank is not a commercial lender in the way that Barclays or NatWest is. Alternative sources of finance, be it equity or quasi-equity, and making smaller companies’ balance sheets stronger are clearly a good way forward.

[Lord Cotter (LD)]

My Lords, have the Government looked into the issue of payments by NGOs, by enterprise agencies and by local councils, many of which get their funds originally from the Government? Will the Minister look into the issue of local payment by local organisations?

[Lord Prior of Brampton]

My Lords, I believe that local authorities are covered by the Public Contract Regulations 2015, so they have to publish their performance annually. They have to report against a 30-day target, so if their length of outstanding indebtedness goes beyond that it will be transparent and open for the public to see.