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Late payment worsens in construction industry

Late payment continues to worsen in the construction industry, despite improving in the economy as a whole, research has revealed.

A report from credit agency Experian showed that companies in the building and construction sector took an average of 22.23 days to pay overdue bills in the second quarter of 2010.

This was up from  20.31 days in the same period last year, despite the all-industry average falling more than 10 per cent to 20.99 days.

Across all industries, companies in the South-east of England saw the greatest improvement, a drop of 18 per cent to 16.32 days.

Firms in the North-west of England waited the longest for overdue bills to be paid in the three months to the end of June – an average of 25.16 days.