LATE PAYMENT

That this House condemns the continued late payment of commercial debts; notes the commitment of the Government set out in Her Majesty's Gracious Speech to introduce a statutory right to interest on late paid commercial debts; notes the negative impact which late payment continues to have on the growth and job creation potential of smaller businesses in particular; recognises the importance of the small firms sector to the United Kingdom economy; notes the strong support for a statutory right to interest amongst a clear majority of business owners; and calls for the implementation of a package of statutory and non-statutory measures including a statutory right to interest at the earliest possible opportunity.