Asked by: Baroness Kennedy of Cradley (Labour - Life peer)
Question to the Department for Business and Trade:
To ask His Majesty's Government what steps they are taking to help small businesses deal with late payments.
Answered by Lord Offord of Garvel - Parliamentary Under Secretary of State (Department for Business and Trade)
While the UK has a strong record of payment times, we are determined to see payment times fall to ensure that small businesses are given the best chance of succeeding. The Government set out policy actions in the Prompt Payment and Cash Flow which was published alongside the Autumn Statement in November 2023. These actions include extending Payment Performance Reporting Regulations with legislation being passed earlier this month, ensuring that large businesses are required to report their payment performance. The Review sets out other actions, including reforming the Prompt Payment Code and providing the Small Business Commissioner with broader powers.
Asked by: Baroness Kennedy of Cradley (Labour - Life peer)
Question to the Department for Business and Trade:
To ask His Majesty's Government what assessment they have made of the increased costs to British business resulting from the attacks to shipping in the Red Sea.
Answered by Lord Offord of Garvel - Parliamentary Under Secretary of State (Department for Business and Trade)
The Department of Business and Trade is in regular contact with key businesses and industries to understand the issues they may be facing as a result of the disturbance in the Red Sea. We have open channels of communication with key stakeholders to ensure the most effective mitigations are in place to support with any increased costs they are facing. Our Critical Imports and Supply Chains Strategy will help UK business build the secure and reliable supply chains vital to the UK’s economic prosperity, national security and essential services.
For exporters affected, UK businesses can access DBT’s wealth of export support via Great.gov.uk. This comprises a digital self-serve offer and our wider network of support, including trade advisors, export champions, the Export Academy, International Markets network, and UK Export Finance.