Almost half of finance directors believe the UK economy will avoid going into recession this year.
This week’s Big Question, carried out by Accountancy Age and Reed Accountancy Personnel, found that 44% of the 200 FDs questioned believed the economy would not go into recession this year. Government figures released early this month showed rising inflation and unemployment, prompting recessionary fears.
Rakesh Gulati, FD of vehicle rental firm Churchfields, said: ‘The UK economy is a huge dinosaur. It will take more than six months to turn it around.’
Stephen Gill, FD of Gainsborough Stud Management, added: ‘The economy is still too strong, but it may go into recession next year.’
A surprising 41% of FDs believed a recession would begin by the end of the year. Russell Hazelhurst, FD of Intel, said: ‘The manufacturing sector is already suffering due to the strength of the pound. It won’t be long before the rest follow.’
Chris Denby, chief financial officer of British Arab Commercial Bank, added: ‘The manufacturing sector is certainly looking sick but services seem to be in rude health.’
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