A  report by Business Link in London shows that the impact of the recession is levelling out for London based businesses.

The findings from Business Link in London’s Business Confidence Index (BCI) survey which gathered economic insights from nearly 3,000 London businesses between October and November 2010, show that just under three-quarters of businesses (72%) are still feeling the pain of the recession.

This is consistent with findings from the previous BCI’s findings in February 2010, indicating that the much-anticipated recovery is taking longer to materialise than expected for London’s businesses.

The findings show that 1 in 10 London based businesses are still extremely affected by the recession.

Also, the survey indicates that younger entrepreneurs are feeling the impact of the recession less than their older counterparts with over half (52%) of 45-54 year old business owners stating they are extremely affected by the recession compared to 40% of business owners aged under 34.

The Business Link in London BCI survey highlights that many business owners are considering making further changes to deal with any future pressures resulting from the recession.

Nearly a third of businesses (31%) are choosing to focus on core products and services with fewer businesses delaying capital expenditure or putting investment plans on hold. Despite recent increases in VAT, this indicates that business owners are gaining confidence in planning for investment.