New data from Time Finance reveals that 70% of UK businesses are suffering from late payments from their customers with late payment debt as high as £200,000 for 1 in 5 business owners. The findings come despite the UK Government introducing a Prompt Payment Code which was put in place to ensure small businesses receive payment for 95% of their invoices within 30 days from customers who are signed up to the pledge. 72% of business owners told Time Finance they were unsure Prompt Payment Code goes far enough to tackle the late payment culture, and of the 16% who said it doesn’t go far enough, almost two-thirds put this down to a lack of enforceability. Phil Chesham, Head of Invoice Finance at Time Finance, commented: “We have always known that the UK’s late payment culture is a huge threat to businesses, but our survey has shed light on the true scale of the issue, and it appears to be getting worse.” To read Time Finance’s news release go to https://timefinance.com/press-releases/late-payment-debt-as-high-as-200000-for-1-in-5-smes.