UK businesses focus on cutting costs to survive the credit crunch

A survey carried out by the accountants Baker Tilly shows that a growing number of British businesses are considering cutting their costs to compensate for an anticipated dip in earnings as the UK economy slows. Finance directors of more than 100 listed and owner-managed companies in the turnover range £20m to £25m were surveyed in February and again in early April and the results illustrate growing concern about the UK’s short-term economic future. In February cost cutting was an immediate consideration for around 26% of the FDs surveyed but this had shot up to 45% by the end of March. (more…)