6 Rate of statutory interest.U.K.
(1)The Secretary of State shall by order made with the consent of the Treasury set the rate of statutory interest by prescribing—
(a)a formula for calculating the rate of statutory interest; or
(b)the rate of statutory interest.
(2)Before making such an order the Secretary of State shall, among other things, consider the extent to which it may be desirable to set the rate so as to—
(a)protect suppliers whose financial position makes them particularly vulnerable if their qualifying debts are paid late; and
(b)deter generally the late payment of qualifying debts.
Commencement Information
I1S. 6 fully in force; s.6 not in force at Royal Assent see s. 17(2); s.6 in force for specified purposes: at 1.11.1998 by S.I. 1998/2479, art. 3; at 1.7.1999 by S.I. 1999/1816, art. 3; at 1.9.2000 by S.I. 2000/2225, art. 3(1), Sch.; at 1.11.2000 by S.I. 2000/2740, art. 3(1); S. 6 in force (E. W. NI.) in so far as not already in force at 7.8.2002 by S.I. 2002/1673, art. 2; S. 6 in force (S.) in so far as not already in force at 7.8.2002 by S.S.I. 2002/337, art. 2