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Jim Shannon
Main Page: Jim Shannon (Democratic Unionist Party - Strangford)Department Debates - View all Jim Shannon's debates with the Department for Business, Innovation, Science and Trade
(1 day, 16 hours ago)
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Jim Shannon (Strangford) (DUP)
Rising business rates, wages going up, energy prices rising, national insurance contributions—all those things have an impact on small businesses. My small businesses talk to me about the very issue that the hon. Lady referred to: those who do not pay on time. What can be done to help firms who are not getting the money from the suppliers? Is there somewhere that they can refer to for help?
Blair McDougall
The hon. Gentleman is right to raise the issue. I know it is a huge problem in Northern Ireland, as it is in the rest of the UK. One of the great problems with the current system is that a small business has to be aggressive towards its own customers to chase those late payments. The Commercial Payments Bill will turn that power relationship on its head, and people will expect to be paid on time. If they are not, there will be mandatory interest on that.