"shows that unpaid invoices are costing the UK economy almost £11 billion annually - and driving an estimated 3,050 SMEs to shut their doors each year. Across the country, small and micro businesses are hit hardest. Over 1.5 million firms are affected by late payments, waiting on an average of £17,000 per company that could have been used to pay staff, invest, or keep operations running."
"London worst hit: Around 3,000 firms in the capital closed in 2024 due to unpaid invoices, with the South East, North West, and East of England also facing serious losses. The construction sector tops the list, with over 2,100 firms shuttered last year because of delayed payments, followed by professional services, wholesale and retail, and administrative support. The hidden costs don't stop at cash flow."
Late payments cost the UK almost £11 billion annually and drive about 3,050 SMEs to close each year. More than 1.5 million small and micro businesses wait on an average of £17,000 per firm that could be used for staff, investment, or operations. For micro firms, late payments consume 4.61% of annual turnover. Around 3,000 firms in London closed in 2024; the South East, North West, and East of England also faced significant losses. Construction lost over 2,100 firms, followed by professional services, wholesale and retail, and administrative support. Businesses waste 133 million staff hours each year chasing invoices, a £7 billion drain. Reducing late payments by 10% could inject nearly £1 billion into the economy and protect jobs.
Read at London Business News | Londonlovesbusiness.com
Unable to calculate read time
Collection
[
|
...
]