£63bn of payments late last year

Late payments to companies totaled £62.87bn over the last year, according to
new research from NatWest and RBS.

The study found that 71% of UK SME faced problems with late payments during
the last 12 months with an estimated 235,000 small businesses hurt by the time
wasted chasing late invoices.

Invoices worth £15.7bn are still outstanding after 120 days, claims the
research. But despite the struggles less than half have taken measures to
improve their cashflow.

In the business services sector 72% experienced late payment problems with
19% claiming over 60% of their payments were late.

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