Owen Thompson
Main Page: Owen Thompson (Scottish National Party - Midlothian)Department Debates - View all Owen Thompson's debates with the HM Treasury
(8 years, 4 months ago)
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Owen Thompson (Midlothian) (SNP)
T6. According to a survey this month by Tungsten Network, 12% of the UK’s 5.2 million small and medium-sized enterprises still have to wait more than 90 days to get paid by suppliers. Will the Minister update us on his Government’s progress on meeting targets on prompt payments to suppliers?
Matthew Hancock
We changed the rules last year to ensure that when the Government buy from the private sector, payments must be made within 30 days—and that cascades all the way down the supply chain. I can also report that we have hit our target for a quarter of all Government procurement to go to small businesses, and we now want to increase that target from a quarter to a third.