Small firms hit by late payments
British businesses are owed £128 billion in late payments, with smaller firms each being owed an average of almost £12,000, according to credit information firm Creditsafe.
London-based firms had the most outstanding debts, followed by those in the North of England, Credit Today reported.
The report said the late payment culture meant more than 442,000 firms had been unable to meet their tax obligations on time, while others had ceased trading for a time or had laid off staff because they were owed money.
