UK FDs braced for downturn.

PositionFirst in ... - Survey - Brief article

British business is in danger of talking the economy into an avoidable recession, according to finance directors at a forum held to discuss the findings of CIMA's quarterly economic survey. Delegates argued that, while financial institutions were suffering the ongoing effects of the global credit crunch, the wider economy didn't necessarily have to suffer as a result.

Most of the 200 CIMA finance chiefs questioned in the survey had forecast sales growth over the next few months, but almost half still believed that the credit crunch was likely to cause a recession. Only 15 per cent thought that a recession was unlikely. More than a third of the respondents predicted budget cuts and three-quarters said that temporary and agency workers would be the first to go, followed by administrative support staff. Over half said they weren't planning to recruit any graduates during 2008.

The survey also found a high awareness of green issues: 79 per cent of the FDs polled said that energy companies should be more...

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