Bibby Financial Services’ ‘Small and Medium Enterprise Confidence Tracker’

Late Payment Problems Worsen for UK’s Small Businesses

Late Payment Problems Worsen for UK’s Small Businesses

Bibby Financial Services’ ‘Small and Medium Enterprise Confidence Tracker’ has reported a 9% rise in late payments from Q2 2014 to Q2 2015, with 51% of business owners reporting they wait over 30 days to get paid. Small and medium businesses located in the West Midlands, Yorkshire and Humberside were the worst affected last year, however the number of firms suffering from late payments in the North East has also doubled. Construction businesses were the most affected in terms of sector, followed closely by manufacturing and wholesale firms. 55% of small and medium constructions businesses said they currently wait over 30 days for invoices to be paid – up 11% from Q2 2014. The news comes despite attempts by the government to tackle late payments. The new government introduced a Small Busine... »