Stephen Metcalfe, Member
of Parliament for South Basildon and East Thurrock, and Andrea Leadsom, Member
of Parliament for South
Northamptonshire, have secured a debate on the floor of the House
of Commons to help Small and Medium sized businesses by highlighting the
problem of late payment in the supply chain of public sector contracts.
This timely debate will
address the rising problem of late payment in the public sector which is
crippling businesses up and down the country.
Stephen Metcalfe
commented: “Small and medium sized enterprises (SMEs) are currently owed in
excess of £30 billion. This is simply not acceptable. In business, cash flow is
king and when this flow is interrupted a contract can become a problem rather
than a solution. At best it can cost business money in terms of financing
overdraft facilities at worst it stifles growth and can affect the very
viability of a business.”
The debate, which will
take place on Thursday 8th November, has received wide cross-party
support.
Mr Metcalfe added: “I am
delighted to have secured this debate. It will give me and my colleagues the
opportunity to stand up for all businesses who have suffered as a result of
late payment in the public sector. Addressing this issue is unavoidable if we
are serious about stimulating growth in this country and I look forward to
hearing the Government’s response to the points that are raised. Ultimately, we
hope that the Chancellor, following the debate, will include measures which
tackle this problem.”
