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