More than 70 per cent of invoices globally issued in 2015 were paid late, according to research by invoice financing company MarketInvoice.

In comparison, 62.3 per cent of invoices in the UK last year were paid late. This figure was 45.7 per cent for the US and 40.4 per cent for the rest of Europe (ex UK).

The report found a “fundamental culture of systematic late payment within the UK’s largest retail groups”. It pointed the finger at high street retailers as being the worst offenders for paying suppliers late.

Big companies must take responsibility for payments to suppliers

It also reveals that banks are relatively punctual with payments to suppliers, paying on average 0.3 days after an invoice's due date. Blue chip companies paid on average six days late and other FTSE 350 companies usually paid four days after the invoice's due date.

Anil Stocker, CEO and co-founder of MarketInvoice, said that the report's data “highlights a very real, very prevalent issue that affects millions of businesses owners every day.” He added: “Larger companies must take more responsibility in their position of power with suppliers, and change what is currently, a damaging culture for UK businesses.”

MarketInvoice analysed data on 30,000 invoices issued in 80 countries over a period of five years. While the average invoice is paid just six days late, one in five are paid with more than two weeks' delay.

Read more in the report The state of late payment 2016.