In a survey of over 150 European chief executive officers conducted by PricewaterhouseCoopers, 34% of British CEOs have downgraded their future projections compared to 45% of continental European CEOs in the aftermath of the 11 September attacks.
The findings are consistent with PricewaterhouseCoopers’s latest economic analysis of GDP growth put at around 1.75% in the UK next year compared to only around 0.25% in Germany and about 1% in Europe.
A deepening sense of anxiety appeared more prevalent among business leaders in continental Europe compared to the attitude that business should continue as usual held by British executives.
Just 15% of British executives said they have placed restrictions on international travel by their employees since the terrorist attacks on the World Trade Centre, while 44% had done so in on the continent.
Kieran Poynter, UK senior partner at PwC, said: ‘Businesses across Europe have clearly been significantly affected by the tragic events of 11 September and their aftermath. But the UK economy appears more resilient than any of the other large European economies and this is reflected in our survey findings that leading UK businesses have made smaller cuts in revenue projections, staffing and spending than other European companies.
‘Nonetheless – there is a risk that job losses could undermine consumer confidence and spending, which has so far been the foundation of recent relative UK economic strength.’
The report questioned leaders of 159 firms in nine European countries.
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