A banking and finance survey from the Forum of Private Business (FPB) found that 23% of members saw late payments increase over the past 12 months, compared to just 3% who indicated that matters were improving.
In addition, the average length of the delayed payment has been increasing, according to a third of members.
We’d love to be your preferred source for news.
Please add us to your preferred sources list so our news, data and interviews show up in your feed. Thanks!
Phil Orford, chief executive of the FPB, said that “upwards of £30 billion remains tied up in late payments, costing a typical small business 130 hours a year to chase and meaning that a third are forced to seek external finance to cover the gaps in cash”.
While the late payment situation is growing worse for limited company contractors, the number that describes it as a serious problem has remained static, as the improving economy has eased the pain.
“What’s Hot” is aggregated content. PYMNTS.com claims no responsibility for the accuracy of the content published by the original source.
Add as Preferred Source
