The Times recently reported a study by fintech firm Previse which showed that small suppliers are paid an average of 30 days later than the largest firms. The Times
Analysis of almost 11m invoices totalling £24.6bn showed that suppliers invoicing for less than £10,000 a year did not have their bills processed until 35 days after they were received, while big suppliers’ invoices take just three days to be processed – and are paid quicker once approved.
A study by the Federation of Small Businesses (FSB) suggests that late payment causes 50,000 SMES to collapse each year. Mike Cherry, national chairman of the FSB, said: “We need to see all political parties putting this issue front and centre in their manifestos over the weeks ahead. Rapid action is required by whoever takes office later this year. We have to bring this crisis – which costs our economy billions of pounds a year – to a decisive end.”