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Business confidence in the economy tested

A report by the Institute of Chartered Surveyors England and Wales has today cast a dark shadow across the UK business arena with the revelation that many businesses have a reduced confidence in the UK economy going forward. This will come as no surprise to those who have been monitoring the UK economy, but it is most certainly a downward step with regards to hopes of an economic recovery in the medium term. So what does this mean?

Even though the vast majority of businesses in the UK saw an upturn in the first half of 2010, many expect difficult trading conditions in the latter part of 2010 and 2011. Yet again, the government's announcement of massive budget cuts and tax rises appears to have scared off consumers in the short term. Many consumers in the UK are also concerned about their own household incomes with inflation running at uncomfortable levels and wage inflation negligible.

This cocktail of reduced confidence in the business arena and consumer concerns regarding income come together to create a nightmare scenario for the UK economy. As disposable income becomes more and more scarce in the UK we will see consumer spending come under significant pressure in the short-term.

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