The BCC goes on to reveal that the British economy has shown “menacing deterioration”. The body predicts that up to 300,000 jobs could be at risk over the next two years.
This news comes just as RB prepares to publish its credit crunch feature “One Year On”. Here’s a sneaky peek:-
“Just six months ago, business owners were still optimistic they’d come through the crunch unscathed. Entrepreneurs who attended our events told us, rather smugly, that while the economic picture wasn’t as rosy as it had been in the past, they were confident about continuing their success and even gaining competitive advantage from the changed circumstances.
They laughed at suggestions their optimism was perhaps misguided and few seemed concerned by rumblings that bank funding may soon cost more and be harder to come by.
Cannier entrepreneurs viewing the carnage from higher ground took action to prepare for potential onslaught, reinforcing their businesses in readiness for tougher trading circumstances, refinancing their loans in the early day when good deals were still being done.
It is fair to say that confidence is slipping as the wall of water moves closer.”
This new, gloomy announcement is a further blow to British businesses that have fought to remain optimistic and pugnacious over the past year. The question is, will it be business as usual? Or is it time to batten down the hatches?
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