Half of UK businesses have reported that late payment has become worse over the last year, with research finding that getting invoices paid on time is becoming more and more difficult.
Research from the Forum of Private Business (FPB) found that over 50% of UK small businesses were having problems with late payments, with as many as 88% also claiming that larger organisations were just as bad.
‘Late payment is on the rise, according to our research, with more than half of respondents saying it has become more of a problem over the last 12 months,’ said the FPB's finance and administration director, Nick Palin.
‘The Government should be doing more, both by paying on time itself and by implementing measures to tackle the problem without increasing the burden of legislation faced by small firms.’
When asked which method would be most effective in reducing late payment problems, the respondents said that late payment fees and a code of conduct would be most beneficial.
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