Local view for "http://purl.org/linkedpolitics/eu/plenary/1999-12-16-Speech-4-084"
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"en.19991216.2.4-084"2
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"Mr President, I strongly support this excellent report by my Labour colleague, Simon Murphy. It offers yet further proof of Labour's commitment to create an environment across Europe where entrepreneurs and businesses can flourish.
Late payment regularly throttles many viable businesses, especially small businesses. Many, through no fault of their own, are tragically forced into receivership as a result. Entrepreneurs are needlessly ruined, jobs are lost, needlessly lost, economic vibrancy is needlessly deadened.
This measure, however, will help allow small businesses to fight back. Creditors will be entitled to charge a statutory interest rate on their debts, encouraging debtors to pay early. Furthermore, if debts are not repaid, creditors will also be able to recoup their costs for collecting bad debts.
By introducing greater certainty in business transactions Europe-wide, small businesses will feel more confident to trade not just across Britain but also right across the European Single Market.
Membership of the Single Market, the largest trading bloc in the world, is crucial for jobs in the north-west. Nearly 40% of small and medium sized enterprises in the region have trading links with other EU Member States. As a part of the EU Single Market, they have access to over 370m potential customers – over 6 times more than in Britain alone. In a few years time, following the enlargement of the European Union, they will have access to a potential 500m customers – as big as the American and Japanese markets put together.
The Labour Government is determined to make the Single Market work for British business. By giving UK businesses the confidence to reach into these markets, this measure will help in this task and increase trade, growth and employment across both the north-west and all of Britain."@en1
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