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Businesses Expect Recession to Continue

A poll from members of the Institute of Directors (IoD) has revealed that the majority of British businesses expect the recession to continue for the rest of the year, into 2013.

This demonstrates the low confidence that UK businesses have in the economy, and should act as a wakeup call for the Government, who should be doing more to restore this confidence, according to the IoD.

The poll, which included 1,277 members revealed that 65pc of people believe that there is a ‘zero to low probability’ of the UK turning around the current economic decline in 2012. Although so many believe that the UK will not emerge from the recession in 2012, the majority do believe that there will be some signs of recovery before the end of the year, and 7pc actually believe that there is a ‘high or very high’ probability that the recession will end before the start of 2013.

The uncertainty surrounding the economy is also hindering the growth of individual businesses to the point where they are not confident enough to take on new staff or invest more money into the company, according to IoD chief economist, Graeme Leech.

Mr Leech went on to say: “The Government needs to take some bold steps that will make a real difference to the cost and complexity of doing business in the UK”.

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