London bears brunt as downturn bites

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A survey today showed that 71% of small London firms suffered falling or stagnant sales in the final three months of 2008 - prompting almost a quarter to cut jobs.

That meant more jobs were lost in the capital than any other area of the UK, according to the report for the Finance & Leasing Association by the Open University Business School.

It said London was worst-hit because of the banking crisis and its impact on small businesses in the City and Canary Wharf.

Stephen Sklaroff, director general of the Finance & Leasing Association, said: "The financial crisis in the City of London may well have contributed to the clearest North-South divide for some time. But there is growing evidence that the problems in the capital are rippling out to every other area of the country, and firms in all regions are braced for an extremely challenging year."