30 Apr 2012 11:54am

Late payments and SMEs

The government sees late payers as a major block to business growth and it is currently consulting with SMEs to come up with practical solutions to change the UK’s late payment culture

Research from Bacs last year revealed late payments to SMEs in the UK had reached an all-time high of £33.6bn.

Half of all SMEs were experiencing payments arriving up to 52 days later than the original payment terms and the average overdue amount stood at a record £39,000.

The government has introduced the Prompt Payment Code, which has more than 1,000 of the UK’s biggest businesses signed up. But the views of industry bodies and businesses of all sizes are sought on what more can be done to speed up the process.


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