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Late payment debt almost doubled

UK SME late payment debt almost doubled to £23.4 billion in 2019, up from £13 billion owed in 2018.

More than half (54%) of SMEs have overdue payments, the highest level since 2015. The average late payment debt burden has also increased, reaching £25,000 per company, up from just over £17,000 in 2018.

In total, UK small and medium-sized businesses spend £4.4 billion a year just on collecting money they are owed. Source: Pay.UK