Small Businesses: Invoice Payments

Lord Triesman Excerpts

Tuesday 26th October 2010 Lords Chamber

[Baroness Wilcox]

I agree. Previous legislation brought in the five-day payment. I must say that when I looked through these questions and saw that we were paying within five days, and then saw that some of the contractors further down the line were contracting to pay within 30 days, I asked myself, “Where is that money going for those 25 days?”.

[Lord Triesman]

My Lords, I do not want to make the noble Baroness’s life more difficult and I appreciate what she said about Sir Philip, but I wonder whether an entirely novel inspiration might have flowed from the question. Will the Government consider using Sir Philip Green’s proposals the reverse way round and use the extraordinary leverage that Government plainly have to make sure that they and everyone else pay their bills on time to help small businesses? If that leverage counts, make it count.

[Baroness Wilcox]

I think the answer is that we should pay when payment is due.