The UK’s largest business group is warning that a worsening of the UK’s late payment crisis, high inflation and mounting admin for companies that trade internationally will cause the business community to further shrink in size if left unaddressed.

The latest quarterly Small Business Index (SBI) survey of more than 1,200 business owners shows that one in three (30%) businesses has seen late payment of invoices increase over the last three months, with a further 8% experiencing other forms of poor payment practice. Only 6% say that a change in payment terms has been agreed over that period.