Companies are still taking longer to pay their bills three years after legislation to speed up payment was introduced.
The average payment period for invoices in the UK is 60.3 days; three years after the government brought in legislation to reduce late payment. It takes companies, on average, two days longer to pay their bills than when the legislation was introduced.
Large companies take 77.9 days; medium sized companies 59.3 days and small companies 50.1 days, on average to pay their suppliers. Large gas companies take 95 days to pay their suppliers, 20 days longer than in November 2000. Large oil companies are taking 88 days to pay their suppliers, nine days longer than November 2000.
"Late payment can, and frequently does, lead to business failure and job losses - we expect the position to get worse as the economy gets tougher," says Steve Kilmister, managing director of Experian's Business Information division.
