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NO SLOWDOWN IN SME JOB CUTS IN NORTH WEST, SAYS CLIFTON ASSET MANAGEMENT

Job losses in the North West‘s SME sector show no real signs of abating over the next six months, according to new research.

The latest quarterly survey from Clifton Asset Management (CAM), which provides specialist financial and strategic advice to SMEs, reveals that 20 per cent of small business owners in the region have been forced to shed jobs this year – down 6 per cent on the previous survey.

But the CAM study also shows that 14 per cent are planning job cuts in the second half of the year, which is virtually unchanged on last time (15 per cent).

The research comes at a time when unemployment at its highest level since 1994, and with the Coalition Government unveiling wide-ranging public spending cuts.

“The fact that the rate of job cuts among SMEs shows no real sign of falling away reinforces the view of two-thirds of those who took part in our survey, that a fully-fledged recovery is still at least 12 months away,” said CAM director Anthony Carty.

“Small and medium-sized businesses must return to good health before the UK can pull itself fully out of recession. While it is not the private sector which will bear the brunt of the cuts over the next few years, many SMEs have a strong business relationship on the public sector and will thereby be severely affected.”  
 
ENDS             26th July 2010

For further information please contact Neil Fraser neil@sturgessvandamme.co.uk or telephone 01275 390 552