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No interest in Euro plan

1st December 1994
Page 7
Page 7, 1st December 1994 — No interest in Euro plan
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Which of the following most accurately describes the problem?

• The Government is expected to ignore a European Commission plan forcing late payers to pay 3% interest on overdue invoices, In a CM poll small hauliers identified late payment as the most important factor in their survival (GM 1-7 September).

Commission recommendations due to be issued this week will encourage EU member states to: • Legislate so that every creditor is automatically entitled to interest on arrears—even if the creditor fails to send a letter of complaint; • Set interest in line with mar

ket rates for short-term bank loans, to a minimum of 3%. unless the level of interest is fixed in the contract;

• Ensure that compensation is paid to a creditor if his business is damaged by late payment, The Department of Trade & Industry says it will look at the Commission recommendations, but no change in policy is likely at this stage.

In its Competitiveness White Paper, which was published last May, the DTi proposed to introduce simplified court procedures for debt recovery with a British Standard for prompt payment.


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