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Marketing budgets cut in second quarter of 2010

A survey of 300 British companies has today found that marketing budgets were cut in the second quarter of 2010 as sentiment fell to its lowest level for 12 months. This comes at a time when the UK economy is under severe pressure amid concerns it could be edging back towards a double dip recession or at the very best a significant slowdown in economic activity. So what has caused this marketing budget reduction?

There is no doubt that pessimism regarding the UK economy is behind the reduction in marketing expenditure and unfortunately it looks as though the situation could worsen before it improves. While the reduction in marketing expenditure is much lower than that seen at the height of the economic downturn it is still worrying to see companies reducing their investment in marketing at a time when hopes of a recovery in the UK economy are beginning to waiver.

Yet again, this is just one more sign of pessimism in the consumer and business arenas which could potentially lead to a self fulfilling prophecy and a reduction in UK economic activity. Hopefully this will not be the case but at this moment in time there is growing concern about the strength and fragile nature of the ongoing UK economic upturn.

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