Lord Cotter
Main Page: Lord Cotter (Liberal Democrat - Life peer)
Lord Popat
My Lords, we have a voluntary organisation, the Institute of Credit Management, which oversees the prompt payment code on behalf of the Government. We do not need a statutory organisation to bring in prompt payment.
Lord Cotter
When the Government place contracts with large companies in future, will they ensure that it is a requirement that those companies sign up to the prompt payment code, and that they publicise their record on the payment of bills in their annual reports?
Lord Popat
My Lords, the Government are doing everything possible to encourage a culture of prompt payment. As I said earlier, 75% of FTSE 100 companies have already signed up to prompt payment.