Late Payments (SMEs)
Debate between Debbie Abrahams and David Simpson(13 years, 3 months ago)
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Debbie Abrahams
Yes, a whole range of factors affect small businesses and their viability. No doubt one of those is the transactional costs being passed on to small businesses. SMEs are being affected not only in their cash flow but in their ability to get additional financing from banks.
David Simpson (Upper Bann) (DUP)
I congratulate the hon. Lady on obtaining the debate, which all Members surely agree is timely because of the economic difficulties of the country. The hon. Member for Kettering (Mr Hollobone) has mentioned HMRC, and the Northern Ireland Assembly agreed that for any work carried out by companies for the Government, whether it involves schools or whatever, an arrangement would be made for quick payment. Perhaps the Government in this House will look at that idea to help small businesses, because cash flow is their lifeline. It is difficult at the moment for small companies to get credit insurance, so that is an extra cost as well, so some form of quick payment or charging interest if a company defaults on the payment terms might alleviate the problem.
Debbie Abrahams
Yes, that is certainly one of the actions that I hope for from the Government.