"UK manufacturing firms are urging the Government to tackle the late payments crisis, as new research from independent funder Bibby Financial Services ("BFS") reveals the dual pressures of unpaid invoices and high costs are hampering the sector. According to BFS's latest SME Confidence Tracker, nearly six in ten (59%) manufacturers report that current measures to reduce late payments, including the Fair Payment Code, don't go far enough to protect them."
"The data reveals SME manufacturing firms are currently owed an average of £76,000 in unpaid invoices, and more than sixty per cent (61%) say customers are taking longer to pay them in full compared to a year ago. Further, manufacturing businesses were more likely to suffer bad debt - due to non-customer payment or protracted dispute - than any other sector (34% vs a cross-sector average of 29%)."
UK manufacturing firms face a late payments crisis compounded by high operating costs, hindering cashflow and growth. Nearly six in ten (59%) manufacturers say existing measures, including the Fair Payment Code, fail to adequately protect them. SME manufacturers are owed an average of £76,000 in unpaid invoices, and 61% report customers are taking longer to pay compared with a year ago. Manufacturing firms experience higher bad debt rates (34%) than the cross-sector average (29%). More than 64% identify high costs as a key challenge, and many firms seek tax relief or low-interest finance to support investment and job creation.
Read at London Business News | Londonlovesbusiness.com
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