Oral Answers to Questions

Cat Eccles Excerpts

Thursday 15th October 2026 Commons Chamber

[Jonathan Reynolds]

I believe that the figures show a level of resilience in an extraordinarily difficult global climate. In terms of our ambitions, I am pleased that we are turning around the underperformance of the 14 years of Conservative government, but I want more, and I am ambitious and hungry for that.

In order to achieve that, the Government have already committed to certain interventions. Going back to my previous point, we inherited the highest industrial electricity prices of any developed nation, but we are bringing those down by a quarter for 10,000 British businesses. I want more progress in that space, and I will be speaking to the Chancellor about further work on that agenda.

We are bringing down the costs for business, giving them new markets through the success we have had with our trade deals, and ensuring that the regulatory system supports those objectives. All of that contributes to what I believe is a set of tremendous opportunities for the UK because of the assets that we have. We should be ambitious for the future.

[Cat Eccles (Stourbridge) (Lab)]

7. What steps his Department is taking to help tackle late payments to small businesses.

[The Parliamentary Under-Secretary of State for Business, Innovation, Science and Trade (Blair McDougall)]

The Government are determined to tackle the scourge of late payments, which causes the closure of 14,000 businesses and costs the UK economy almost £11 billion a year. The Commercial Payments Bill currently progressing through Parliament will give the UK the strongest laws in the G7 and represents the most significant reform of payment practices in over 25 years. The Bill will ensure that small businesses spend more time on growing, investing and creating jobs and less time on chasing late payments.

[Cat Eccles]

Late payment destroys thousands of viable small firms each year, and poor practices have seen large firms using small suppliers as a free overdraft. In my constituency, the impact is felt by manufacturers and fabricators, with local metalwork and transport supply sectors facing the longest payment delays in the UK. How is the Minister ensuring that there is a change in payment culture and lifting that burden from small businesses?

[Blair McDougall]

My hon. Friend is absolutely right; I know from personal experience how frustrating it is to have large firms use small firms as a source of free finance. The Commercial Payments Bill will clamp down on late payments by introducing maximum payment terms, providing stronger rights to interest and strengthening the powers of the Small Business Commissioner. She is right about the need for a culture change. The message from Government is that this legislation and this change is coming, and large companies should get their payment practices in order right now.