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Employers say economy at risk of recession

August 9, 2008 by admin  
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Employers from small and medium sized businesses in the UK have said that the economy is at serious risk of recession. The warning came after a small business survey was carried out earlier this month, with businesses warning that the economy could slide into recession within a matter of months. The survey showed that orders and sales for small and medium sized businesses in the manufacturing and services sector had been drying up over the past three months.

The survey was carried out by the British Chambers of Commerce, and around five thousand of its member companies were surveyed. Officials from the BCC have said that if the current trend with the drying up or orders and sales continues then the economy could slide into recession within the matter of a few months. One official from the BCC said that the outlook for Britain’s economy was rapidly deteriorating.

He said: ‘We are now facing serious risks of recession. The outlook is grim and we believe that the correction period is likely to be longer and nastier than expected.’

The service sector has been particularly hard hit by recent problems, and the report showed that for the first time since 1990 there were more firms in this sector reporting falling orders and business than there were reporting increased orders and business.

The director general of the BCC said: ‘I am sending Alistair Darling and Gordon Brown a strong message from the businesses I meet every day up and down the country. To put more pressure on business would not only restrict business growth and hit the consumer hard, it would crush further what our economy is based on – confidence.’

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  1. Fraudulent motor insurance claims come to five million a week says:
    August 9, 2008 at 5:03 pm

    [...] Employers say economy at risk of recession [...]



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