Chuka Umunna MP, Labour’s Shadow Business Secretary, responding to David Cameron’s announcement that a consultation will be launched later this year on late payments to small businesses, said:

“Labour has led calls to end the scandal of late payments to small businesses. We have already announced plans to clamp down through public procurement and by introducing tougher reporting requirements on payment performance. In government, it was Labour who introduced the Prompt Payment Code and toughened up rules to ensure that small firms could claim interest on sums unpaid.

“David Cameron only stands up for a privileged few. The Tories may talk tough on late payment but they have repeatedly failed to stand up to big firms that hoard cash and fail to pay their suppliers on time. Under this Government we have seen payment terms lengthen and small businesses are now owed £36 billion in late payments.

“David Cameron talks the talk but won’t walk the walk when it comes to supporting our wealth creators and small businesses. He is opposing Labour’s business rates cut for 1.5 million small shops, pubs, workshops and start-ups and he has sided with the energy companies in opposing our price freeze which would help small firms across Britain.”

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