The Institute of Chartered Accountants in England and Wales (ICAEW) has urged Prime Minister Boris Johnson to combat the UK's 'late payments crisis'.
According to the ICAEW's latest Business Confidence Monitor (BCM) data, late payments from clients 'now pose a greater challenge than they did a year ago'. One in five business owners stated that late payments represent a 'growing challenge' for their firm.
However, the BCM data also revealed that growth in concerns over regulation is 'slowing' as businesses 'gradually adjust to increased regulations'.
Commenting on the issue of late payments, Michael Izza, Chief Executive of the ICAEW, said: 'The Prime Minister has promised Brexit by 31 October and the overriding priority of his government must be to get a good deal.
'However, this feedback from our members, who advise businesses in every sector and level of the economy, reminds us that they face other challenges as well, many of which have little to do with Brexit – such as late payments and the regulatory burden.
'Robust government action on these issues could make a real difference to the business environment, especially for SMEs, and would help to restore confidence and momentum.'