Late Payment Culture
Late payment culture
All too often in the UK, late payments are seen as a problem for small businesses only. ?Large corporates are cast as the villains, flexing their muscles by holding back the cash owed to smaller suppliers. Yet, YouGov research shows that 63% of UK medium-sized businesses receive late payments at least once a month, compared to 40% of small businesses. According to this study, the impact of late payments in this sector can lead to a reduction of innovation spend, the inability to pay salaries and ultimately, redundancies.
In reality, the problem is so widespread that the UK is said to have a ‘late payment culture’. In a further study conducted a few years ago, more than 62% invoices submitted by UK firms were paid late.
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