The credit crunch is hitting UK companies much harder than those based in the US. A greater proportion of British firms face delayed payments, reduced access to credit, increased financing costs and demands for early payments from suppliers, according to a survey by KPMG. Squeezing suppliers and delaying payments is a game with few winners, warned Andrew Ashby, director at KPMG Advisory. Increased pressure from stakeholders was seen as the greatest effect of the credit crunch: 76% of UK respondents said its impact was high, compared with 23% in the US.
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