Late payments to UK small businesses surged over the three months from April to June, with payments delayed by more than a week on average, according to Xero Small Business Insights (XSBI) data. Payments to small businesses were, on average, 7.3 days late between April and June. This is an increase of 1.8 days compared to the March quarter and represents the largest quarterly increase for four years when pandemic uncertainty prompted a short-term spike. The largest increases in late payments were seen in two industries that are typically paid the fastest: retail trade (+3.1 days to 5.5 days) and hospitality (+3.0 days to 4.4 days). Small businesses also waited an average of 29.1 days to be paid over the last three months – 1.2 days longer than the previous quarter. To read Xero’s news release, go to https://www.xero.com/uk/media-releases/uk-xsbi-data-apr-jun-2024/.