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Construction shines in payment survey

A survey into late payment by Experian has revealed that businesses in the construction industry are comparatively fast payers. Companies in construction were third fastest at paying bills out of the 29 industry sectors surveyed. The best performer was agriculture, fishery and forestry, while the worst was the electricity industry. Construction firms took an average of 57.09 days to pay a bill according to the survey, compared with 54.02 days for agriculture, fishery and forestry and 72.12 days for the electricity sector. In overall terms, the research showed that UK companies were taking longer to pay their bills than at any time since legislation to combat late payment was introduced in 1998. The overall average was 61.07 days, an increase of almost two days since November 2006. Large companies now typically take 81.5 days to pay their bills, 21.2 days more than small companies. Medium-sized companies are now taking 61.3 days. Experian included 357,114 companies from the 29 featured sectors in its survey.