Shockingly, some 94 per cent of respondents experience late payments, with almost one quarter (24 percent) reporting that over 40 per cent of payments are received beyond the originally agreed terms. Over one-third of respondents (34 per cent) state that larger businesses (those with more than 50 employees) are most likely to pay late, while the figure was lower at 24 per cent for those with fewer than 50 employees.

Respondents also reported that private-sector organisations perform worse than public bodies when it comes to late payment, with late payment in nearly two-thirds (62 per cent) of cases, compared to around one-third for the public sector (34 per cent). While the amount of late payment in the public sector is unacceptable, especially with the government’s commitment to pay all undisputed invoices in 10 days, it is astonishing to see such a high share of businesses failing to honour payment terms.