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Effects of recession lasting another year, say London firms

PUBLISHED: 08:00 06 May 2010 | UPDATED: 15:58 05 October 2010

MORE than half the small businesses in London believe it is going to be at least another year before they’re out of recession.

And that is the most optimistic forecast among small and medium-size firms anywhere in Britain, according to a survey

By Mike Brooke

MORE than half the small businesses in London believe it is going to be at least another year before they’re out of recession.

And that is the most optimistic forecast among small and medium-size firms anywhere in Britain, according to a survey for Clifton Asset Management.

They believe London is better placed than any other region to recover, but don’t see that happening until well into 2011, according to research among 1,000 firms across the UK.

“The recession may officially be over,” said Clifton managing director Neil Greenaway. “But our survey is confirmation, if it were needed, that the recovery will be a long, drawn-out and patchy process.”

Seven out of 10 London companies believe the region is in a better position to emerge from the effects of the downturn than the country as a whole.

This contrasts with the most pessimistic’ region, Wales, with only a quarter of its businesses thinking their region was best for recovery.

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