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Economy in transition, say London executives

26 October 2009

The latest data may show that the UK is still in the midst of a recession, but testimony provided by London executives suggests the economy is in a transitional phase.

Research conducted by the London Chamber of Commerce and Industry (LCCI) shows that, of the 185 executives polled, 52 per cent are feeling more positive about their company's prospects than was the case three months ago.

By way of contrast, just 12 per cent said they were less optimistic than in July, with the remaining 36 per cent reporting no change, the BBC revealed.

However, close to two-thirds of executives also reported that they had been affected by late payments from customers, while one in three had been forced to write off outstanding debts.

"Persisting problems with late payments and high levels of debt write offs point to underlying weaknesses in the economy which have yet to be resolved," LCCI chief executive Colin Stanbridge told the news provider.

The LCCI recently warned about the negative impact of raising the London congestion zone charge on businesses.


Categories: Financial Management

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