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Accountants’ Credit Crunch Survey Paints Gloomy Picture

March 2009

Every business questioned in a survey by Sutton Coldfield accountants Weatherer Bailey Bragg says that it is being affected by the credit crunch.

The survey found that found that 100 per cent of respondents who ran their own business felt the difficult economic conditions were affecting them. When it came to personal finances, 50 per cent of respondents felt they had been affected. Other findings from the Weatherer Bailey Bragg survey were:

  • 83 per cent of business owners said the credit crunch was reducing business volume
  • 67 per cent said they were having to reduce their margins
  • 38 per cent said customers were taking longer to pay
  • 50 per cent of respondents said they were having to cut back on their personal spending.

Banks and the world economy were considered equally to blame for the current financial climate. A total of 67 per cent of respondents held the banks responsible, with the same percentage blaming the world economy. A total of 33 per cent blamed the government.

Weatherer Bailey Bragg partner Richard Miner said: “Our survey has provided a worrying snapshot into the increasing impact of the credit crunch and demonstrates just how widely it is being felt.

“These results will be valuable in helping us to focus our advice and services where they will be most helpful in seeing our clients through this challenging time.”