What happened: A recent survey reveals that over half of tradespeople have experienced an increase in late payments compared to last year.
Why it matters:
- Delayed payments can strain tradespeople's cash flow and business operations.
- Customers and service providers are both affected by changing payment behaviours during economic challenges.
MNN Take: Rising living costs appear to be impacting how promptly customers pay for trades services, creating financial challenges for those in the sector.
Sources: BBC Business