According to the latest research by Experian, the business information service, companies are still taking too long to pay their bills – three years after legislation was introduced to speed up payment.
Experian's research was conducted among 190 000 companies of all sizes and across 29 industry sectors. It found that the national average payment period across all industries has remained at around 60 days since May 2001, which is two days longer than when the legislation was introduced in November 1998.

Managing director of Experian's business information division, Steve Kilmister, is disappointed by the results but believes there are some encouraging signs: "For the first time the number of industry sectors improving their payment times over the last six months has exceeded those taking longer – 18 are taking less time to pay against 11 sectors that are taking longer than six months ago. Most encouraging is the progress made by medium and large companies overall."

According to the results large companies are the worst, taking around 80 days to settle outstanding debts. Medium-sized companies take around 60 days, while smaller companies are the most prompt, taking 50 days to pay their bills.

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