Three-quarters of UK firms fear double-dip recession

In a survey of over 400 UK firms, the British Chambers of Commerce found three-quarters of the respondent expressing concerns over double-dip recession.

According to the survey, 41 per cent of the UK businesses want the next Government to make reducing the budget deficit its top priority.

Commenting on the issue, David Frost, Director General of BCC said, “The message from business is clear. After an election, we have to get a serious grip on the country's public finances and escalating debt.”

The UK’s budget deficit currently stands at 178 billion pounds.

Around one in five wanted the next Government to give top priority to slashing red tape.

Around 13 per cent said the Government should focus on making the tax system more competitive.

The figures are clearly indicating that the UK businesses believe that economy would take time to come out of the woods.