Ed Davey
MP for Kingston and Surbiton · Liberal Democrat · United Kingdom
“I associate myself with the Prime Minister’s opening remarks, not least about the 25th anniversary of the horrific terror attacks of 9/11. I welcome the Government finally banning imports from illegal Israeli settlements, something Keir Starmer should have done a long time ago.”
“I thank the Prime Minister for that answer. Britain should be the safest country in the world to have a baby. We will keep raising this issue until it is the safest.”
“No mother should have to give birth in such circumstances. Does the Prime Minister agree that Musgrove Park cannot wait until 2033 for work to start on a new maternity unit? Will he offer a meeting to local MPs, so we can move it forward? And will he make fixing the maternity scandal across our country a top priority of his Government?”
“I hope at that summit the Prime Minister will negotiate a good deal for our country, our economy and our defence, and that means rejoining the single market. North Devon’s maternity unit has been closed for three weeks due to staff shortages, so women now have to travel for up to two hours to give birth.”
“The Prime Minister said yesterday that Brexit ushered in “a decade of low growth and stalled regeneration.” —[ Official Report , 1 September 2026; Vol. 790, c. 27.] He is right. Our economy is stuck in this mess thanks to the Conservatives—and the leader of Reform UK—and their terrible Brexit deal.”
“There are so many more problems in our political system: too much power in the hands of social media barons who interfere in our politics and crypto billionaires who use donations to buy influence; and too little power in the hands of our people.”
The complete record
Every one of 6,005 lines we hold for Ed Davey, in date order, each linked to its source. Free to read, in full, without an account. Page 68 of 121.
“This House has heard that the OBR’s forecasts changed not because the Government’s policy has gone wrong, but because of three reasons outside this Government’s control: imported inflation, with higher oil and commodity prices; the huge uncertainty caused by problems in the eurozone; and, finally, the boom and bust that Labour once arrogantly told us they had abolished, which was worse under Labour than anyone had previously thought. The Labour party has to face up to this reality, yet the shadow Chancellor did not. This Government have, and have made the difficult choices in doing so. Our strategy of loose monetary policy and fiscal consolidation, backed with some of the most ambitious supply-side reforms in generations, was not just right when we first announced it after the election; it is right now.”
“Given that that comes from a former Treasury Minister in a Government who often got their figures wrong, I do not think that the OBR needs to listen to that. It is absolutely clear that the Labour party is taking the OBR’s figures seriously. It is significant that we can at last have a debate without the numbers being the issue—without the spin and the game playing that so debased the House’s deliberations in the past. The Labour party’s acceptance—grudging or otherwise—of our or the OBR’s forecasts presents Labour Members with a problem. Why do they not accept the underlying explanation of the OBR’s forecasts?”
“Member for Edinburgh South West (Mr Darling). The significance of the infrastructure plans that we announced in the autumn statement is that they are well advanced, and some are even shovel-ready, so the problems that the shadow Chancellor worried about do not pertain. This was an important debate. For once, it was not about the figures in the economic forecasts and the Budget questions. Thanks to the innovation of the Office for Budget Responsibility, it focused largely on analysis—although at times the analysis presented by the shadow Chancellor was more theoretical than academic—and it sharpened the differences between the coalition and the Opposition. While the Government are focused on keeping interest rates low, Labour’s priority is to spend and borrow more. While this Government—”
“the Members for Skipton and Ripon (Julian Smith) and for Newton Abbot (Anne Marie Morris), all of whom referred to the importance of the supply-side reforms. The hon. Member for Skipton and Ripon mentioned the important employment law reforms which, I believe, will make a big difference to our efforts to return people to work, and the hon. Member for Newton Abbot spoke of the importance of ensuring that regulation was cut for micro-businesses. I can tell the hon. Lady that we are achieving that now, even at European level. We also heard good speeches on the importance of infrastructure investment from the hon. Members for Folkestone and Hythe (Damian Collins), for Ochil and South Perthshire (Gordon Banks) and for Scunthorpe (Nic Dakin), and from the former Chancellor of the Exchequer, the right hon.”
“Other Governments, faced with rising interest rates on their debts, are now having to address their budget deficits. Often they are having to cut deeper than us. It is true that our deficit reduction, at 3.7% of GDP over the next four years, is the third highest in the G7. After all, in 2007 our structural deficit was the highest in the G7. Yet Italy is now making much deeper cuts, and France too is planning deeper cuts. Our deficit reduction is of course significantly less than that of Greece, Ireland, Portugal or Spain, so we will not be opting for plan B as suggested by the Labour party. We heard many excellent speeches from Members in all parts of the House. I particularly commend those of my hon. Friend the Member for Chichester (Mr Tyrie) and of the hon.”
“I am extremely grateful to the House and to the Backbench Business Committee for allowing this debate. I know that a number of Members—the hon. Members for Stockton North, for Scunthorpe, for Makerfield and my hon. Friend the Member for Chatham and Aylesford—helped to precipitate the debate. I hope that it has made a major contribution to our thinking and to the thinking of those who are part of this process.”
“On cold calling, the OFT’s revised guidance on credit brokerage and debt management sets out a number of specific practices relating to cold calling of consumers that it considers unfair or improper business practice. On advertising, the OFT has taken a market-facing approach in the past few years to tackle bad practice in the market. For example, it took well publicised action against firms that sent misleading IVA mailings to customers or used lookalike websites to mislead customers into believing that they were charity-based sources of free debt advice. I have rattled through a few of the issues. What I wanted to convey to hon. Members is that we are focused on those and that we are listening both to this House and to people responding to our consultation to see what we need to do to improve our current regulatory regime.”
“The OFT consulted on that earlier this year and has revised its guidance, so it now states: “Licensees who advertise or sell online or by email must comply with the Electronic Commerce…Directive” It also states: “Before using internet based and social media marketing, licensees should consider whether they can exercise adequate control over its content…The OFT considers that search engine sponsored links and online messaging forums which limit the number of characters are unlikely to be an appropriate means of providing…balanced and adequate information.” That is typical technocratic language to say that the OFT will act in this area. My hon. Friend the Member for East Hampshire raised the point about the social responsibility of Google, and I hope that it listens and responds to his remarks.”
“Indeed, many of the responses to the consultation on whether we should change the regime for consumer credit regulation say that the OFT works well. However, people would like it to do more and to have more powers. Those responses were echoed on both sides of the House during the debate. I obviously cannot pre-empt what the Government will say in response to the consultation, so I am limited in what I can specify today, but I refer hon. Members to the consultation, because it is an important part of the way forward. I shall try to rattle through a few other points that were made on the OFT in the short time that remains. Hon. Members quite rightly talked about how social media—Google, Twitter, Facebook and so on—are being abused by a number of those companies.”
“That should help to improve standards, guide debtors towards better-quality advisers and providers, and leave no room for the rogue elements within the industry. Hon. Members asked a range of questions on the powers of the OFT in tackling debt advice and management. It is important to remember that we have a regulation—the OFT has the right to charge debt management companies for the credit licence, without which they cannot operate. The OFT manages that and will soon publish revised guidance for debt management companies, which we expect early in the new year. Debt management companies should comply with the guidance. If they do not, they are in danger of the OFT revoking their licence or fining them. We need to consider that and to build on it.”
“Members who have raised their concerns and added to this debate, particularly regarding the unscrupulous behaviour of some fee-charging companies. It is worth noting that since the Office of Fair Trading compliance review in September, a total of 70 businesses have exited the debt management market—70 businesses that were failing to comply with OFT standards have gone. As the Commercial Secretary to the Treasury and I said in July, we believe that more can be done. I am pleased to report that my officials have opened discussions with stakeholders from all sides—fee-charging companies, free-to-debtor providers, and creditors and debt advisers—to explore how a debt management protocol might work.”
“In addition, as promised in the Government’s July response to the review, on 17 November I published a consultation on bankruptcy and its effects on the ability of the individual to access a bank account. All hon. Members would agree that a bank account is one of the most basic requirements of financial inclusion. It allows people to carry out basic financial management tasks in a simple way and can also save them money, because there are often discounts for direct debits. The concern is that bankrupts are unnecessarily excluded as a consequence of their bankruptcy. The consultation seeks evidence on that situation and on how best to remedy it. Sadly, I am very familiar with the problems in the debt management market, but I would like to thank hon.”
“Bankruptcy is an appropriate route for some people to deal with their financial difficulties, but it is apparent from earlier consultations on proposals to reform how debtors petition for their own bankruptcy that people see clear benefits in removing the court from the process while providing the necessary safeguards. I also want to ensure that the most appropriate route is provided when bankruptcy is applied for by a third party. That means involving the courts when there is a dispute between parties on whether bankruptcy is a proper outcome. However, when there is essentially no disagreement—in other words, in the vast majority of cases—I believe a more streamlined route into bankruptcy can be found. The new process will encourage debtors and creditors to resolve their issues when possible before applying for bankruptcy.”
“We hope that the new model, on which I have put an awful lot of emphasis, can be in place for 2013. As well as debt advice, people who fall into financial difficulties need access to remedies that work effectively for both them and their creditors. Before concentrating on what the Government are doing in relation to debt management companies, I should like to outline some matters on which we are proposing important action. On 7 November, I published a consultation on proposals to reform the application process for bankruptcy.”
“People for whom digital services are appropriate should be encouraged to use them, but of course they will not be appropriate for some people, and they can be encouraged to access existing telephone services, which must remain a key option. Above all, face-to-face advice has to be available for service users who have particularly complex debt or who have accessibility problems with other channels. Indeed, more face-to-face outreach services need to be developed, because as we have heard in the debate, many people are unable or unwilling even to come to a citizens advice bureau but nevertheless need support. Face-to-face services need to be improved and be more quickly available, although there are already some excellent services. That is what is coming out of the research.”
“The interim findings of that research have highlighted a number of key principles, which the Money Advice Service will take forward in its delivery strategy. Those principles include some critical points. For example, people should know where, when and how to access the right debt advice for them. That relates to the point about branding that the hon. Member for Makerfield mentioned. The Money Advice Service’s research shows that there should be a standard set of approved tools that are well understood and used by advisers, which will help to ensure consistent, quality responses for consumers with similar issues. The research also suggests that digital self-help should be much more widely available and awareness of it increased.”
“I will also meet them during the process. Payday loan companies dipping in and out of people’s bank accounts, taking money set aside for rent and food, is simply not on, and we need the codes of practice to reflect that. I wish to turn in more detail to debt advice. Inevitably, some people will fall into financial difficulties, and when they do, I want them to be empowered to make the right decisions for themselves about their finances, and to have access to the appropriate debt advice when they need it. The Money Advice Service will take forward the co-ordination of debt advice delivery from April 2012, and my Department has provided the necessary funds to research and develop a new multi-channel debt advice service across the UK.”
“Friend the Member for North Swindon (Justin Tomlinson) again stressed the importance of education, and he is absolutely right. We are working with the Money Advice Service and the industry to see if consumers can be helped in considering whether a credit product is right for them before they purchase it. That will play a role. The hon. Member for Edinburgh South pressed us on payday loans, as did a number of other colleagues. I can say that we have started intensive discussions with the payday loan industry to ensure that future codes of practice contain the consumer protections that we believe are needed to address the concerns that blight the market. I have personally written to the trade associations highlighting the importance of that work and my concerns about specific issues such as continuous authority.”
“I think it is fair for me to inform the House that the company behind that database, Veritec, has had meetings with officials in my Department, in No. 10 and in the OFT. We are considering the matter, but I am not making any commitment now—that would obviously be quite wrong. If a decision were taken to regulate the payday market more, the experience in other countries would have to be considered further. We are opening discussions with stakeholders on how we can increase data sharing for the benefit of consumers. We will also explore the issue of credit scoring and whether high-cost credit providers should provide data to credit reference agencies. The hon. Member for Makerfield asked about that, so it is important that I make that point. My hon.”
“She asked for it to be given more resources and more teeth, and she gave some ideas about how we could obtain those resources. The hon. Member for Meon Valley (George Hollingbery), who is no longer in his place, mentioned bailiffs. I will relay his remarks to my colleagues in the Ministry of Justice, because it was clear that the House felt strongly about the matter. The hon. Member for Scunthorpe (Nic Dakin) talked about learning from other countries. The research that is being conducted on the proposal for a cap on the total cost of credit that can be charged by high-cost lenders will include a consideration of regulation in other countries, including those that have rate caps. He talked about the idea of a real-time database, and other colleagues also picked up that subject.”
“He also touched on the research that the University of Bristol’s personal finance research centre is doing, having been commissioned by the Government to look into whether a cap on the total cost of credit is the right way forward. We will await that research before making any further moves in that area. My hon. Friend the Member for Grantham and Stamford (Nick Boles) made interesting comments about the nudge unit. I do not know whether there are minutes from that meeting. He also talked about the different regulatory approaches that we could adopt. Not only will I think about what he said, but I am very happy to meet him to discuss it further. My hon. Friend the Member for Solihull (Lorely Burt), in a very effective contribution, praised the OFT for how effective its crackdown has been.”
“People in distress, who may be suffering from mental health problems, family breakdown or any of the other things that compound the problems of debt, often do not know where to turn. As Members have said, they can react to the first piece of advertising that they see and end up in the wrong place. We need to ensure that everyone knows of the existence of the free debt advice that is available and knows that that is where they should go. I believe that, because the Citizens Advice brand is so well known and so trusted, it is the brand on which we need to build. I am grateful to her for making that point. My hon. Friend the Member for East Hampshire (Damian Hinds) rightly talked about credit unions.”
“It is in the process of securing funding from the Financial Services Authority for that, so that people in need have access to good advice. We look forward to that being confirmed by the FSA board over the next few days or weeks. It is considering the business plan put forward by Money Advice Service. Once it has made its decision, that business plan will be published. That answers another question from the hon. Member for Stockton North. The hon. Member for Makerfield (Yvonne Fovargue) made an extremely informed contribution. I would like to pick up on her point about the importance of the Citizens Advice brand. That is critical to how we address these issues.”
“He feels that we need to do as much as we can in government to deal with the misery that is the legacy of that increase in personal indebtedness. In my initial remarks, I will go through each of the contributions and pick out points and respond to them. The hon. Member for Stockton North (Alex Cunningham) asked about the future funding of debt advice. The hon. Members for Chatham and Aylesford (Tracey Crouch) and for Edinburgh South (Ian Murray) also touched on that matter. I know that the funding of debt advisers under the financial inclusion fund is of great concern. The House will know that my Department has committed to continue the funding for this year. Money Advice Service has also been clear that it intends to renew all existing grant agreements for the provision of face-to-face debt advice next year.”
“This has been an excellent debate with contributions from all parts of the House. I will try to do credit to it in my response. I hope that I will be able to reflect on many of the excellent contributions. The reason this has been such a good debate is that Members, from talking to their constituents, know that this is a huge problem. There is a rising tide of misery out there. It is incumbent on this House and this Government to respond to that in as many ways as we can. I will do my best to do that. For many years in opposition, my right hon. Friend the Secretary of State for Business, Innovation and Skills was critical of the previous Government because they did not take action to deal with the rising indebtedness of many families and individuals across the nation.”
“Friend knows that loft conversion work comes under general consumer legislation covering the construction industry. He also knows what an important role the construction industry plays in our economy and how many of the business people in that sector are honest traders who do a fantastic job, many of whom have small businesses. He has given an example of a builder who appears to have been trading in a dishonest manner. Obviously, I will need to look at the details of the case before I can comment further, but we are aware that a small minority of builders apply their trade in a dishonest way and deliberately target specific groups of consumers—for example, vulnerable consumers and the elderly—and we therefore need protections.”
“I will take a dispassionate but constructive approach to the problems that he has raised. Like him, I have constituents who have had problems with, shall we say, cowboy builders, who disappear and are difficult to trace or who reappear in a different form. The Secretary of State has raised the matter in the past, and we are therefore minded to consider what can be done in terms of consumer legislation and the consumer framework. My hon. Friend recognises that no law or framework can deal with absolutely every single circumstance, but we clearly need to improve things. I hope that he will not take what I will say today as being complacent and that he will recognise that we are trying to develop the strengths of the existing system and to improve it where we can. My hon.”
“I thank my hon. Friend the Member for Colchester (Bob Russell) for bringing this matter to the House and securing the debate. It certainly gives me a chance to put on the record our view about consumer protections. Clearly, he will be aware that I am not au fait with all the details of his constituent’s case. The record will show that my hon. Friend has referred to his box file, which could no doubt add to my weekend reading. However, I would welcome his writing to me with a summary of the proposals, possibly providing a bit more detail than he has had time to do today. Although I cannot say that there will be a formal investigation, I will at least look at the matter with my officials and provide him with some comments that I hope he and his constituent will find helpful.”
“We maintain their funding, despite the difficult financial circumstances, because we want to chase these rogues down.”
“The regulations also ban any commercial practices that use harassment, coercion or undue influence that is likely to impair significantly the average consumer’s freedom of choice in relation to goods or services. Taking those various measures together, there is a robust legislative framework. However, I have indicated that we want to reform it, because it is clearly not perfect. We also support a project being undertaken jointly by the Law Commission and the Scottish Law Commission, which is examining how private law might be reformed to provide consumers with a simple, clear right of redress where they are the victims of misleading or aggressive selling. We have also given funding this year worth £3.2 million to scambuster teams, so that they can continue the fight against rogue traders.”
“It is important to ensure that enforcers, such as the Office for Fair Trading and local authority trading standards officers, have the right tools at their disposal to deal with dodgy builders. The Consumer Protection from Unfair Trading Regulations—known as the CPRs to those, such as myself, who write lots of letters about them—give enforcement bodies more effective means of tackling unscrupulous practices and rogue traders. That was a welcome reform introduced by the previous Government. CPRs can be used to ban traders in any sector from unfair commercial practices against consumers, particularly in relation to the sale and marketing of services.”
“The 1982 Act is accompanied by other measures to protect consumers from unfair selling in their homes. Builders, including those undertaking loft conversions, fall within their scope. The Cancellation of Contracts made in a Consumer’s Home or Place of Work etc. Regulations 2008 give consumers the right to cancel a contract that they have signed without penalty within seven days. That cooling-off period is a valuable protection. It may well not have applied in the case presented by my hon. Friend, but he will understand that it is an important part of the protection framework. In addition to empowering consumers and having a legislative framework of consumer protections, there are enforcement bodies.”
“The question is whether that framework can be reformed. We currently have the Supply of Goods and Services Act 1982, which requires traders to provide the services being offered with reasonable care and skill, in a timely manner and at a reasonable cost. However, the Government are examining how that law might be modernised and simplified, so that consumers can have a clearer understanding of their rights and a greater awareness of their right to redress when they have experienced shoddy workmanship or have paid for goods that turn out to be defective. On 19 September, I announced that, subject to consultation, we hope to introduce a consumer bill of rights, which will bring together 12 separate pieces of legislation to try to achieve those objectives.”
“From the way in which my hon. Friend has articulated his constituent’s case, it is clear that his constituent is a very capable lady who can fight her corner. However, I am sure that he accepts the point that we need to ensure that vulnerable consumers are protected in the regimes that we design, because if can protect vulnerable consumers, we are much more likely also to support those who are more articulate. We must take a multi-pronged approach to protecting consumers in the broadest sense. The new Government have taken an approach that seeks to empower the consumer and make sure that they have all the relevant assistance from organisations to get the right information, so that they can make the right choices. The matter cannot simply rest there. We must have a legislative framework, which, of course, there is.”
“I do not know about the involvement of TrustMark and whether it investigated how the FMB dealt with the complaint. That is one of the reasons why I invited my hon. Friend to write to me, so that we can have a look at the details of his case. Clearly, the TrustMark scheme, which I think is valued and highly thought of by many people, needs to ensure that, if cases are brought to its attention, they are dealt with in a proper fashion, which is the way forward. The TrustMark scheme has an important role to play, and it is therefore important to ensure that it retains the confidence of consumers and those in the industry. I hope my hon. Friend feels that I have dealt with his case. I have given him the chance to contact me personally, and he has given me the chance to describe the overall system that is in operation to support consumers.”
“Friend explained how the Federation of Master Builders, which I assume—I am not absolutely sure from his remarks—was accredited by the TrustMark scheme in this case, appears, from the remarks that he has made, not to have taken the action that he and his constituent wanted it to take. Again, one needs to look at the detail before making a judgment on exactly what happened. However, TrustMark scheme operators, such as the FMB, are required to investigate complaints against tradespeople and can de-list traders where it is found that traders are not up to the required standard. In many cases, TrustMark can carry out that role in addition to other schemes, such as the competent persons scheme and those operated by other trade bodies. It is, therefore, an important body in the building industry.”
“However, that is why I started my remarks by inviting him to write to me with a synopsis of the case to see how it could potentially have been dealt with in a different and more successful way. In the remaining time left to me, I want to touch on TrustMark, which my hon. Friend mentioned in his speech. It is sometimes difficult for consumers to know whether a builder is entirely genuine and can be trusted. For extra peace of mind when people are looking for tradespeople, the TrustMark scheme has been developed as a form of accreditation. It is a fairly easy way for consumers to identify a builder who has agreed to abide by industry standards for competence and fair trading, and to be independently inspected to ensure that they are meeting these standards. In his case, my hon.”
“There is legislation, and the Insolvency Service, for which I am the Minister responsible, can take action in certain circumstances. One reason why I invited my hon. Friend to write to me is to consider what action could have been taken in that case. The Insolvency Service targets cases of misconduct or criminality and submits reports to the court for disqualification of directors for terms of various years based on the seriousness of the offence. I had a case in my constituency that was not dissimilar to my hon. Friend’s, and that was the route that we were advised to go down. As I do not know the details of my hon. Friend’s case, it is difficult for me to comment further, or indeed pass any judgment, on what has happened.”
“As I made clear during the passage of the Postal Services Act 2011, we are taking a staged approach to its implementation. Before decisions can be taken on private sector investment, the regulatory regime must be reformed and the Government must secure approval to take on Royal Mail’s historical pension deficit and restructure its balance sheet. Progress is being made in these areas, alongside Royal Mail’s progress with its modernisation plan.”
“The hon. Gentleman will know, having been in the House a long time, that we would not make a valuation while working with the European Commission to secure state aid clearance. Until we get that, those sorts of calculations would be completely inappropriate.”
“During the passage of the Postal Services Act, we heard a lot of criticism of the regulatory regime that the Labour party put in place. We put in a much stronger regime, which has been greatly welcomed.”
“I am grateful to the hon. Gentleman for his question. We are looking at the OFT’s powerful report and consulting colleagues in the Treasury, and we will come back to the House in due course.”
“My hon. Friend will know that the Chancellor has announced that we will move the period of unfair dismissal from one year to two years—I know that my hon. Friend welcomes that—which will deal with exactly the point he has made. He will also know that we have an employment law review and a red tape challenge to ensure that we have employment laws in this country that will make our labour market fair and efficient.”
“I was expecting the hon. Lady to thank the Government for putting forward an idea that she and other Members have been pressing on the Government: namely, to launch research on the impact of a cap on the total cost of credit. I am really rather disappointed in her.”
“I again pay tribute to my hon. Friend, because he has been a stalwart campaigner for that change. I am delighted that we were able to publish the draft Groceries Code Adjudicator Bill on 24 May, and that the Business, Innovation and Skills Committee’s report on it has welcomed our proposals. He will know that the proposal is unique, because it allows anonymous claims to be made to the adjudicator and for reports, of which the adjudicator will be able to take note, to be put into the public domain.”
“My hon. Friend has been a doughty campaigner on the subject, and he will know that the Business, Innovation and Skills Committee has just undertaken a report on all those issues. The Government are therefore considering it and will respond to it shortly. If I were tempted into replying to the details of his question, I would prejudice that response.”
“I am certainly very happy to meet my hon. Friend to discuss the issue. He is right to bring attention to this very important innovation by the Government to create something called a public data corporation, bringing together a number of key Government assets to ensure that they are managed efficiently and to put a greater amount of data into the public domain.”
“My own Department is paying 93.6% of our bills within five days, which is significantly faster than the target. Our evidence shows that the performance in this area across Whitehall has been continuously improving. Private business is also saying that local authorities are improving and paying faster than ever. On average, they pay in 18 days.”
“Member for Streatham (Mr Umunna) that we should work on a cross-party basis to encourage even more signatories to this code. Certainly, that is the Government’s aim. We very much want actively to encourage new signatories to this important code. I agree with those Members who argue that the public sector should be an exemplar. Indeed the previous Government played a role in developing that policy. At the time, the Opposition parties argued that they should develop that policy, too. There is some confusion over how the Government are performing, which is mainly due to the confusion over the pre and post-election targets. The pre-election target from the previous Government was 90% in 10 days. The target that we have been operating is 80% in five days. We felt that a quicker period was important.”
“I acknowledge that it is important for large businesses to give a lead here, to step up to the plate and set a good example. There is support across the Chamber for the Institute of Credit Management’s prompt-payment code, which is backed by the UK’s leading businesses and finance bodies. The code requires signatories to pay according to agreed terms, and there are now more than 1,000 signatories. People may say that that is not many, but they represent more than 60% of the total UK supply chain. The Minister of State, Department for Business, Innovation and Skills, my hon. Friend the Member for Hertford and Stortford (Mr Prisk), who normally speaks on such matters, launched the new “Be Fair, Pay On Time” campaign in June, which backs up the prompt payment code. I agree with the hon.”