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“RECESSION” TO CONTINUE THROUGH 2010, SAY SMALL BUSINESS OWNERS

Most SME owners believe downturn will last a further 12 months, according to Clifton Asset Management research

Most small business owners in the UK believe the recession effectively has another year or more left to run, according to a new survey.

The latest national quarterly survey of more than 1,000 businesses, carried out by Clifton Asset Management (CAM), reveals that a majority believes the downturn is far from over.

Despite the fact that the UK is officially due to come out of recession, some 52 per cent of businesses believe the economy will remain in the doldrums for at least another 12 months, with just 12 per cent forecasting that the UK will be out of recession within six months.

The latest research from CAM, which provides specialist financial and strategic advice to SMEs, reveals that 19 per cent of businesses believe the recession will last between six and nine months. A further 18 per cent say it will end in nine-12 months‘ time.

Across the country, only the South East has a majority of business owners who believe the recession will be over in under a year (52 per cent). Wales is the most pessimistic region, with almost two-thirds – 65 per cent – of the opinion that it will last a year or more.

“SMEs are at the eye of the storm and it is significant over half believe the recovery will be long and slow,” says Anthony Carty, director at CAM.

“While the official figures may proclaim that we are out of recession, our survey respondents seem to have little faith in the Government‘s assertions that an upturn is just around the corner. Instead, our research seems to chime with forecasts that we could be into 2011 before a return to growth is properly under way.