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The UK economy is on the brink of another recession with both manufacturing and services suffering falls in output and business confidence slumping.
According to the latest monthly BDO business trends survey there are concerns about output, optimism and employment with warnings that this year is going to be a tough one.
"As the latest BDO Index readings suggest, growth is likely to be only slow for 2012 as a whole, and a real risk of return to recession remains. Growth in the Eurozone is expected to slump over the next twelve months, acting as a drag on demand in the UK economy," the report stated.
BDO calls for the Bank of England to help with the economy and the state of the employment market could raise some questions about the government's assumptions that the private sector will provide jobs for those being culled in the public sector.
"Stagnant employment conditions in the private sector suggest the economy will struggle to make up for planned job losses in the public sector," BDO stated.