This month, the Bank of England has further increased the base rate from 0.75% to 1% in an effort to address the continuing rise of inflation driven by increases in global fuel and food costs.
Prices in the UK have risen over the past year by 9%, the highest for some 40 years, with 10% almost inevitable over the coming months.
Whilst the government is wishing for people to save rather than spend this is having a dramatic effect for businesses in seeing further late payments being received, if indeed any monies at all, and being faced with a significant rise in debts being written off.
As a consequence of which it is vital for any business for payments due to be recovered at the first opportunity, it is only going to get harder!
Whilst the increase in interest rates allows for a higher sum of accrued statutory interest to be claimed the benefit is marginal when faced with non-payment.
We are experts in the field of Debt Recovery with our team at Devonshires being ranked within tier one of the Legal 500.
Please do not hesitate to contact us should you require assistance in recovering payment and how to ensure interest due to you forms part of your claim.