IT PAYS to pay on time, according to the ICAEW.
More than half of South East businesses are experiencing low demand, and nearly a third of companies are struggling with late payments as a result of the coronavirus crisis.
The accountancy body found that in the fourth quarter of 2020, more than one-in-five (57%) of the region’s enterprises reported customer demand to be a growing issue –up from 35% last year.
And nearly one third (31%) of companies in the region are tackling late payments, largely caused by financial problems due to the pandemic.
“Companies in the South East have told us that a lack of consumer demand and late payments are growing problems,” said Harpreet Panesar, ICAEW regional director for the South East.
“We urge the government to double-down on its efforts to secure a fair trade deal which will help stimulate and sustain the UK’s post-Covid economic recovery.”