As I write this chapter (February 2009) UK based Lloyds TSB Bank announced that business confidence has hit a 16-year low. A survey of almost 3,500 companies by Lloyds TSB also revealed that expectations for profits are the worst on record as the UK heads into an official full blown recession. The vast majority of businesses surveyed expect a drop in sales, orders and profits this year.
Firms suffering from harsh trading conditions in recent months are being forced to make tough decisions in order to survive in 2009, said the report. A growing number of firms have been hit by a ‘dramatic’ fall in orders and sales, which took an inevitable toll on profits, the report said.
