§ Mrs. Roche
My Department has closely analysed the findings of research into late payment problems across Europe and the effect of a statutory right to interest, including recent surveys carried out by NOP and Grant Thornton.
Research undertaken by Grant Thornton identified that those Member States where businesses use legislation for statutory interest most frequently had much quicker payment periods. Additionally the research undertaken by NOP showed that 80 per cent. of British businesses wanted a statutory right to interest.265W
We are determined to end the culture of late payment in the UK and will introduce the Fair Payment of Commercial Debts Bill to give businesses a statutory right to claim interest on the late payment of commercial debts. We will consult on the most appropriate way of introducing legislation and will issue a Green Paper soon.