Small and medium sized enterprises were owed almost £26 billion in 2008 compared to £18.6 billion at the same time in 2007. The number of businesses owed money also increased with 57% of firms awaiting payment in 2008, compared to 51% in 2007. Manufacturing firms were the worst affected with nearly two-thirds of businesses in this sector experiencing late payments. Michael Chambers, managing director of Bacs, said: "Businesses have to take responsibility for helping themselves where they can. While the Government has brought in a system of paying public sector invoices within ten days, three-quarters of British SMEs haven't replicated that and still offer lengthier payment terms."

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