In the context of the impending election, party campaigns and televised debates it is easy to forget that country is still attempting to recover from one of the worst economic downturns of all time. For the first time in two years the newspaper front pages aren’t dominated by gloomy headlines detailing spiralling unemployment and rising inflation.
However, that doesn’t mean they don’t exist and that the consequences of downturn aren’t still being felt by small businesses and company formation owners. A recent report, conducted by small business insurance specials, ILB , found that over half of all small business owners felt that it would be at least two years before market conditions improve. While over thirty per cent feel that the economy will not return to pre-recessionary levels for the next decade.
Grant Brown, small business enterprise director of ILB, comments : “ From the feeback we have received from our clients it seems that most small business owners are preparing themselves for a long economic recovery. Most have but plans to extend their companies and employ new staff on hold until at least next year.”
According to figures released by the Office of National Statistics the economy grew by just 0.2% during the first quarter of 2010.