As the new Small Business Commissioner, Emma Jones, CBE faces the urgent challenge of addressing late payments among SMEs, impacting 77% of businesses with owed amounts averaging £18k-£22k per firm. The survey by Purbeck Insurance highlights that larger SMEs, especially those with 100-249 employees, suffer the most, reporting an average of £22,102 in unpaid invoices. The consultation on tightening late payment regulations by the government is awaited, as 60% of survey respondents believe that late payments adversely affect their operations, with significant regional disparities in outstanding debts.
"On average, SMEs with 10 or more employees across the UK are each currently owed £18k-£22K in unpaid invoices...tackling late payments and unfair payment practices."
"The findings show that late payment remains a persistent, systemic problem affecting tens of thousands of small companies, with 60% of the SMEs surveyed believing late payment is impacting their business."
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