Question

To ask His Majesty's Government, further to the remarks by Lord Leong on 21 July (HL Deb cols 1068-1070), whether they plan to review the 60-day maximum payment term for non-public authorities; and what plans they have, if any, to incentivise early payment.

Large businesses are required to publish payment data through the Payment Practices and Performance Reporting Regulations 2017. The effects and impact of the Commercial Payments Bill will be monitored following its implementation. Sixty days is a maximum, not a target. The Government will continue to encourage businesses to agree and meet shorter payment terms. We will continue our work to encourage businesses to pay even faster with the Small Business Commissioner who administers the Fair Payment Code, encouraging businesses to pay in 30 days.