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This briefing covers how the high period of inflation in the UK from 2021 to 2024 continues to affect household incomes, spending, poverty, savings and debt.
This briefing covers how the high period of inflation in the UK from 2021 to 2024 continues to affect household incomes, spending, poverty, savings and debt.
To ask His Majesty's Government, further to the remarks by Lord Leong on 21 July (HL Deb cols 1068-1070), what assessment they have made of whether late payments may be the fault of a third party or a bank; and whether such payments should be subject to statutory interest.
To ask His Majesty's Government, further to the remarks by Lord Leong on 21 July (HL Deb cols 1068-1070), what assessment they have made of whether late payments may be the fault of a third party or a bank; and whether such payments should be subject to statutory interest.
The Government has not made a specific assessment of late payments being caused by third parties or a bank, but it does recognise late payments are often accidental and can arise due to issues with systems.
The Commercial Payments Bill preserves and strengthens the existing statutory interest regime, under which statutory interest arises where a qualifying payment is made late. Where a qualifying debt remains unpaid after the relevant date, statutory interest will generally accrue even if the purchaser attributes the delay to its bank, payment provider or another third party begins to run and strengthens enforcement of payment obligations.
To ask His Majesty's Government what plans they have to publish guidance for triggering investigations into poor payment practices.
To ask His Majesty's Government what plans they have to publish guidance for triggering investigations into poor payment practices.
The Commercial Payments Bill provides the Small Business Commissioner with the power to investigate a larger business where there are reasonable grounds to suspect that it has persistently engaged in poor payment practices. The Commissioner must consider the extent and impact of the suspected conduct, the resources required for an investigation, and whether an investigation would be proportionate in all the circumstances. Further detail will be set out in secondary legislation.
The Government will work with the Commissioner to ensure businesses understand their obligations and to consider what operational guidance should be published before the new legislation comes into force.
To ask His Majesty's Government, further to the remarks by Lord Leong on 21 July (HL Deb cols 1068-1070), whether they plan to review the 60-day maximum payment term for non-public authorities; and what plans they have, if any, to incentivise early payment.
To ask His Majesty's Government, further to the remarks by Lord Leong on 21 July (HL Deb cols 1068-1070), whether they plan to review the 60-day maximum payment term for non-public authorities; and what plans they have, if any, to incentivise early payment.
Large businesses are required to publish payment data through the Payment Practices and Performance Reporting Regulations 2017. The effects and impact of the Commercial Payments Bill will be monitored following its implementation. Sixty days is a maximum, not a target. The Government will continue to encourage businesses to agree and meet shorter payment terms. We will continue our work to encourage businesses to pay even faster with the Small Business Commissioner who administers the Fair Payment Code, encouraging businesses to pay in 30 days.
To ask the Secretary of State for Energy Security and Net Zero, what assessment his department has made of the potential merits of rebalancing policy costs levied on electricity bills across gas and electricity bills equally.
To ask the Secretary of State for Energy Security and Net Zero, what assessment his department has made of the potential merits of rebalancing policy costs levied on electricity bills across gas and electricity bills equally.
The Government recognises that policy costs fall disproportionately on electricity bills and are taking forward work to ensure that prices reflect the cheaper wholesale price of clean energy.
On the distribution of costs between electricity and gas, the Government acted at the Autumn Budget to cut electricity costs in a way that makes this distribution fairer. We ended funding for the Energy Company Obligation scheme, as well as removing 75% of costs for the Renewables Obligation scheme from people’s energy bills.
The government also announced in April plans to go further and faster on delinking electricity and gas prices. We will consult later this year on arrangements to offer existing generators a fixed price Contract for Difference for the electricity they generate. In addition, the rate of the Electricity Generator Levy has been increased by 10% to respond to the high prices that generators are benefitting from due to the crisis in the Middle East.
To ask His Majesty's Government, further to the remarks by Lord Leong on 21 July (HL Deb cols 1068-1070), what assessment they have made of the economic impact of the new section 2E(2) of the Commercial Payments and Interest on Late Payment Act 1998.
To ask His Majesty's Government, further to the remarks by Lord Leong on 21 July (HL Deb cols 1068-1070), what assessment they have made of the economic impact of the new section 2E(2) of the Commercial Payments and Interest on Late Payment Act 1998.
The Government has assessed section 2E(2) as part of the wider impact assessment for the Commercial Payments Bill as a whole, where the measures are aimed at addressing the estimated £11 billion cost of late payments to cost the UK economy each year.
Section 2E(2) provides a targeted exemption from the statutory payment term restrictions, where the purchaser is the smaller party, preserving flexibility for smaller purchasers when contracting with larger suppliers. The impact assessment looks at the costs of businesses identifying and implementing exemptions. Exemptions introduce additional administrative burdens for businesses, with larger estimated costs for large businesses compared to smaller ones. The full assessment can be found in the costs and benefits analysis annex of the published impact assessment: https://assets.publishing.service.gov.uk/media/69c054b11263ce46c3690c7c/prompt-payments-primary-legislation-impact-assessment.pdf
Moved by
Lord Sharpe of Epsom
18: Clause 3, page 7, leave out lines 3 to 16
Member’s explanatory statement
This amendment seeks to probe the scope and impact of exempting upwards payments from the restriction on payment terms, given the fact that many of the suppliers will still be small or medium businesses.
Moved by
Lord Sharpe of Epsom
18: Clause 3, page 7, leave out lines 3 to 16
Member’s explanatory statement
This amendment seeks to probe the scope and impact of exempting upwards payments from the restriction on payment terms, given the fact that many of the suppliers will still be small or medium businesses.
My Lords, it is a pleasure to introduce group 4, which primarily covers the important issue of the definitions of different sized businesses. Before I open that debate, I will touch on the other amendments in this group.
Amendment 18, which was signed by my noble friends Lord Hunt of Wirral...
My Lords, it is a pleasure to introduce group 4, which primarily covers the important issue of the definitions of different sized businesses. Before I open that debate, I will touch on the other amendments in this group.
Amendment 18, which was signed by my noble friends Lord Hunt of Wirral...
My Lords, I support my noble friend Lord Sharpe, having signed all the amendments in his name. There are two key principles at stake here, as he eloquently set out: first, not to introduce yet another definition and, secondly, to take the opportunity to bring some clarity, consistency and coherence...
My Lords, I support my noble friend Lord Sharpe, having signed all the amendments in his name. There are two key principles at stake here, as he eloquently set out: first, not to introduce yet another definition and, secondly, to take the opportunity to bring some clarity, consistency and coherence...
My Lords, the noble Lord, Lord Sharpe, brought up a number of important issues, but I do not think he brought up any viable solutions. He spoke at the beginning about the proliferation of definitions, then sought to add to that proliferation with some new definitions.
He is right that some...
My Lords, the noble Lord, Lord Sharpe, brought up a number of important issues, but I do not think he brought up any viable solutions. He spoke at the beginning about the proliferation of definitions, then sought to add to that proliferation with some new definitions.
He is right that some...
My Lords, I am grateful to the Minister for his explanation and for the context around some of the amendments that he has provided. I thank all noble Lords who spoke in the debate, especially my noble friend Lord Holmes. I will be brief in response.
I totally accept that the...
My Lords, I am grateful to the Minister for his explanation and for the context around some of the amendments that he has provided. I thank all noble Lords who spoke in the debate, especially my noble friend Lord Holmes. I will be brief in response.
I totally accept that the...
Moved by
Lord Thomas of Cwmgiedd
19: Clause 3, page 7, line 23, at end insert “save that the Secretary of State must not specify in regulations which have or will continue to have effect after 1 April 2029 any contract of a description which relates to—
(a) the supply of any goods...
Moved by
Lord Thomas of Cwmgiedd
19: Clause 3, page 7, line 23, at end insert “save that the Secretary of State must not specify in regulations which have or will continue to have effect after 1 April 2029 any contract of a description which relates to—
(a) the supply of any goods...
My Lords, I declare my interest as chairman of the board that advises the International Centre for Digital Trade and Innovation. I am grateful to the noble Lord, Lord Holmes, for his support in this, and for the time that the Minister and his officials afforded to discuss it.
I set...
My Lords, I declare my interest as chairman of the board that advises the International Centre for Digital Trade and Innovation. I am grateful to the noble Lord, Lord Holmes, for his support in this, and for the time that the Minister and his officials afforded to discuss it.
I set...
My Lords, it is a pleasure to follow my friend, the noble and learned Lord, Lord Thomas, and the excellent and eloquent way in which he introduced his amendment, which I was delighted to sign. As he rightly pointed out, this could be seen as the absolute premier DBIST amendment....
My Lords, it is a pleasure to follow my friend, the noble and learned Lord, Lord Thomas, and the excellent and eloquent way in which he introduced his amendment, which I was delighted to sign. As he rightly pointed out, this could be seen as the absolute premier DBIST amendment....
My Lords, very briefly, this would seem to be the perfect amendment for the Minister to accept. As pointed out, it signals an innovative forward direction for the new department, it utilises complex legislation that has already happened, it does not cost anything, and nothing will happen for two years—perfect.
My Lords, very briefly, this would seem to be the perfect amendment for the Minister to accept. As pointed out, it signals an innovative forward direction for the new department, it utilises complex legislation that has already happened, it does not cost anything, and nothing will happen for two years—perfect.
My Lords, I am very grateful to the noble and learned Lord, Lord Thomas of Cwmgiedd, for introducing his amendment. I cannot really improve on what has already been said, except to say that this issue has been raised with His Majesty’s Opposition in the run-up to this Committee stage....
My Lords, I am very grateful to the noble and learned Lord, Lord Thomas of Cwmgiedd, for introducing his amendment. I cannot really improve on what has already been said, except to say that this issue has been raised with His Majesty’s Opposition in the run-up to this Committee stage....
My Lords, I thank the noble and learned Lord, Lord Thomas, for tabling Amendment 19, and acknowledge his advocacy in relation to e-invoicing and electronic trade documents. However, the intention to exempt imports and exports from maximum payment terms through secondary legislation is crucial to supporting
UK businesses. Whether helping...
My Lords, I thank the noble and learned Lord, Lord Thomas, for tabling Amendment 19, and acknowledge his advocacy in relation to e-invoicing and electronic trade documents. However, the intention to exempt imports and exports from maximum payment terms through secondary legislation is crucial to supporting
UK businesses. Whether helping...
Before the noble and learned Lord, Lord Thomas of Cwmgiedd, responds, can I just ask the Minister something? It seems to me that he is accepting the proposition, with which I entirely agree, that the nature of e-invoicing and the use of electronic trade documents will make it possible for...
Before the noble and learned Lord, Lord Thomas of Cwmgiedd, responds, can I just ask the Minister something? It seems to me that he is accepting the proposition, with which I entirely agree, that the nature of e-invoicing and the use of electronic trade documents will make it possible for...
I appreciate what the noble Lord has just said, but it is important that the scope of the Bill is targeted at UK businesses and small businesses. A commercial arrangement between a company based in the UK or a business based elsewhere is probably outside the scope of this Bill...
I appreciate what the noble Lord has just said, but it is important that the scope of the Bill is targeted at UK businesses and small businesses. A commercial arrangement between a company based in the UK or a business based elsewhere is probably outside the scope of this Bill...
My Lords, I thank everyone who has spoken in this short, slightly esoteric argument and on these interests. I simply say that I do not think that this issue will go away. First, the payment terms in the Bill are 60 days and in modern international trade that is a...
My Lords, I thank everyone who has spoken in this short, slightly esoteric argument and on these interests. I simply say that I do not think that this issue will go away. First, the payment terms in the Bill are 60 days and in modern international trade that is a...