Is The UK Heading For Recession?

UK Businesses Give Verdict On Rate Rise

Nearly half (46%) of UK small businesses predict that interest rates will be six per cent or above at this time next year. Only a handful (6%) think that rates will be less than five per cent.

The Orange Business Jury, conducted by Ipsos MORI, polled 604 decision makers in Britain’s small businesses immediately following the Bank of England’s rise in...

...UK interest rates from 5.5% to 5.75%.

Asked if they expected to have to make any changes to staff levels, nearly two thirds of businesses say numbers will not be affected and only one in ten think that they would have to make cuts (62% vs. 10% respectively).

There was a three way split on whether the British economy will go into a recession over the next couple of years. A third (34%) say it will, a third say it won’t and a third didn’t know.

The Orange Business Jury is a panel of over 1000 small business owners, managers and decision makers working for companies with up to 250 employees. The panel is run by Ipsos MORI.

Meanwhile the British Chambers of Commerce said that although the rate rise decision was expected it could have alarming consequences for business.

 

 

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