A large number of owner-managers believe the UK is still deep in recession.
In a poll from the Chartered Institute of Management Accountants (CIMA), 87 per cent of respondents are still struggling due to the recession. Some 77 per cent say they have not sought additional finance over the last 12 months and 61 per cent report that access to loans and credit is still difficult.
Ray Perry, executive director at CIMA says businesses are right to remain cautious about talk of recovery: ‘a clear knock on effect of the cash flow situation is that over half of respondents feel they will not have the opportunity to make “innovative” decisions in the next quarter.’
Of the 330 CIMA member surveyed, 45 per cent say they have changed suppliers in the last 12 months to cut costs.
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