The British Chambers of Commerce, which earlier this summerreported that things were looking tough, has issued its latest quarterly surveyindicating that recession has arrived for its members.
The BCC is an organisation that has contact with SMEs acrossthe UKand its Q3 economic quarterly tracker has said that the results back from itsmembers “were exceptionally bad”.
The services and manufacturing sectors appear to be bearingthe brunt of the downturn with both showing that sales and orders had movedinto negative territory.
In a statement, BCC director general David Frost, said thatthe government had to do more not only to restore confidence in UK plc but alsoto help out some of those businesses being hit by the downturn.
“Confidence is critical and it is vital that businesses are shownleadership. The BCC will be showing such leadership in the coming months,” hesaid.
“The Government needs to say that business taxes will be cut. The Bank of England need to cut interest ratesimmediately and politicians need to get behind our businesses in thesechallenging times. More than just growth makers – businesses are critical toour local communities,” he added.
The BCC prognosis comes against a background of falling shares across globalstock markets and increased calls for an interest rate cut.