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Recession not over before 2011, say London’s small firms

PUBLISHED: 18:00 15 January 2010 | UPDATED: 15:29 05 October 2010

MOST small firms London think the economic downturn will last at least another 12 months, according to a survey. Most believe the economy will remain in the doldrums for at least a year more, says the latest quarterly research of 1,000 businesses

By Mike Brooke

MOST small firms London think the economic downturn will last at least another 12 months, according to a survey.

Most believe the economy will remain in the doldrums for at least a year more, despite the promise of good times ahead’ with London hosting the 2012 Olympics.

This is despite the UK officially due to come out of recession this year.

Just eight per cent forecast less than six months, says the latest quarterly research of 1,000 businesses by Clifton Asset Management.

“Small firms are at the eye’ of the storm,” said Clifton Asset’s director Anthony Carty.

“London is the country’s economic bellwether, so it is significant that half its businesses believe the recovery will be long and slow.

“Official figures may proclaim that we are out of recession, but our survey seems to have little faith in the Government’s assertions that an upturn is just around the corner.”

For most businesses, says Clifton Asset Management, 2010 should be an improvement on last year.

Their research predicts that we could be into 2011 before a return to growth gets under way.

But then, the year after that are the Olympics, set to torch’ East London into boom times ahead.


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