Business confidence at 16-year low

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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 for a full blown recession.

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.

John Maltby, managing director of Lloyds TSB Commercial, said: "British businesses have had a rough ride in recent months. With demand on a downward spiral, it's small wonder that they are feeling pressure on their finances and that confidence is at such a low ebb.

"The cocktail of rising prices and falling demand is taking its toll on small businesses. It's only the fact that businesses have been careful not to overstretch themselves, as they did in the late 80s and early 90s, which is preventing even more firms from facing cash flow problems."

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.