THE Better Payment Practice Group claims that nine out of 10 businesses think large companies should be made to report their payment times.

All PLCs, together with their large subsidiaries, are required by the Companies Act (1985) to disclose the time it takes to pay their commercial bills.

However, last year only 3,243 actually did so a fall of 21 per cent from the previous year.

Chairman of BPPG Clive Lewis said: "To have just a small proportion of company's comply with the law is a sorry state of affairs especially considering the detrimental effect that late payment can have on smaller businesses down the supply chain.

"Late payment causes 10,000 small business failures each year," Mr Lewis added.