Late payments cost British businesses a staggering £20 billion a year. According to a survey of 9,000 European companies commissioned by Intrum Justitia, the credit management services group, only 53% of invoices in the UK are paid on time.
Intrum Justitia?s UK Payment Index estimates that almost half (47%) of UK invoices are overdue, on average 18 days late, and 1.9% of total revenues are never paid at all.
Not surprisingly, the main reason cited for late payment is the deliberate withholding of payment, a complaint that has come top of the list for many similar surveys.
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