Although the UK’s economy is likely to remain weak in the near future, another recession is not necessarily imminent, according to the latest quarterly survey figures from the British Chambers of Commerce (BCC).
More than 6,000 businesses were involved in the survey, which concluded considerable weakening of the economy.
Domestic demand had slipped to its lowest level since the global slowdown began, as orders were shown to have fallen across the manufacturing and services sector.
However, the results are still better than those seen in 2008, during the last recession period.
The BCC’s Director General, John Langworth, said of the survey results, “Improvements seen in the last two years have largely been cancelled out. Action is needed urgently to tackle short-term stagnation and a lack of business confidence, damaged by the ongoing eurozone crisis.