Gareth Thomas

Gareth Thomas

Labour (Co-op) — Harrow West

Speaking in the House of Commons on 21 May 2025

Debate

Business and the Economy

Contribution

With due respect, the hon. Member is wrong. The OECD says that we will have the second fastest growing economy in the G7. Let me come back to small businesses. Since taking office, we have sought to hardwire the views of small businesses into everything that we do. Together with the Federation of Small Businesses, we have announced robust measures to tackle late payments. Large companies will soon have to include their payment performance in their annual reports—a massive incentive to pay their suppliers more quickly. We have also launched our new fair payment code, overseen by the Small Business Commissioner. We intend to go even further, developing a strong package on late payments, including stricter maximum payment terms and strengthened powers for the Small Business Commissioner.

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