“What steps she is taking to ensure that regulators have adequate capacity and coordination to implement the AI regulatory principles.”
Asked by
Rebecca Long Bailey
Answering Minister
the Secretary of State for Science, Innovation and Technology
Answer from Hansard
The Parliamentary Under-Secretary of State for Business, Innovation, Science and Trade (Blair McDougall)
The Government are determined to tackle the scourge of late payments, which causes the closure of 14,000 businesses and costs the UK economy almost £11 billion a year. The Commercial Payments Bill currently progressing through Parliament will give the UK the strongest laws in the G7 and represents the most significant reform of payment practices in over 25 years. The Bill will ensure that small businesses spend more time on growing, investing and creating jobs and less time on chasing late payments.