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Small firms in London ‘hardest hit by economic crisis’
Small businesses in London have been cutting jobs at the fastest rate in the country, according to a survey by the Open University Business School.
The survey of 1,300 small and medium-sized companies in November and December last year found that small firms in the London area have been the hardest hit by the recession.
Over 70% of SME companies in the capital suffered falling or stagnant sales and 23% had made staff redundant in the previous three months.
"The financial crisis in the City of London may well have contributed to the clearest north-south divide for some time. But there is growing evidence that the problems in the capital are rippling out to every other area of the country," said Stephen Sklaroff, director of the Finance and Lending Association.
Small firms in the north-east and Scotland have so far been the least affected by the recession, although according to the survey they are as pessimistic about their future as firms in the south-east.
Post Date: February 17th, 2009
The survey of 1,300 small and medium-sized companies in November and December last year found that small firms in the London area have been the hardest hit by the recession.
Over 70% of SME companies in the capital suffered falling or stagnant sales and 23% had made staff redundant in the previous three months.
"The financial crisis in the City of London may well have contributed to the clearest north-south divide for some time. But there is growing evidence that the problems in the capital are rippling out to every other area of the country," said Stephen Sklaroff, director of the Finance and Lending Association.
Small firms in the north-east and Scotland have so far been the least affected by the recession, although according to the survey they are as pessimistic about their future as firms in the south-east.
Post Date: February 17th, 2009
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