Academic journal article Manager

Brit Businesses 'Amongst Worst Payers in Europe'

Academic journal article Manager

Brit Businesses 'Amongst Worst Payers in Europe'

Article excerpt

BRITISH businesses are considered to be some of the worst payers in Europe, suffering a poor reputation with customers both at home and abroad, according to research amongst 1,200 European firms carried out by global credit insurer, Atradius.

The Atradius Payment Practices Barometer, conducted for Atradius by market researcher Psychonomics, reveals that 42% of European companies believe that payment practices in the UK are "poor" or "average", the second lowest score of the 12 countries rated. Only Italy has a lower rating with 64% of European businesses saying the country was "poor" or "average" with payments.

In addition, 33% of European managers say they experience payment delays from British customers "very frequently" or "rather frequently". Again only Italy scored a worse rating, with 45% of businesses saying they experience delays from Italians "very frequently" or "rather frequently".

European businesses said that UK firms usually take an average of 63 days to settle their debts, with only Italy taking longer at 74 days. Ironically, even British companies believe businesses here are poor payers- 41 % of local firms say payment practices in the UK are "poor" or "average".

According to the Atradius barometer, 15% of all the European firms surveyed say the UK's payment practices have "worsened" over the last six months, again the second worst track record after Italy, where 19% of all European businesses say that the country's approach to payment has "worsened".

When it comes to defaults, Britain's perceived performance is also poor, with 4% of European firms saying they have suffered a bad debt from a British customer either "very frequently" or " rather frequently". …

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