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|Late payments on the rise for UK SMEs|
|Monday, 17 August 2015|
Despite Government attempts to enforce a code for prompt payment and plans to appoint a Commissioner to oversee business rows, the proportion of UK SMEs suffering from the chronic issue of late payments is rising. The Bibby Financial Services SME Confidence Tracker has found that the number of UK SMEs suffering from late payments has jumped by nine percent from Quarter 2 2014 to Quarter 2 2015, with over half (51%) of businesses waiting more than 30 days for payment.
On a regional level, SMEs in the West Midlands and Yorkshire and Humberside are currently suffering the most from the plague of late payments. The proportion of SMEs suffering from late payments doubled in the North East from Q2 2014 to Q2 2015.
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