Tonight:
5°c
Two-thirds of London firms say they are feeling pinch
Danny Brierley6 Oct 2008
Almost two thirds of London businesses have been affected by the credit crunch and market turbulence, accountants said today.
The Institute of Chartered Accountants in England and Wales found 62 per cent of firms in the capital reported their business was suffering as a result of economic instability in the past 12 months.
The group's UK Enterprises Survey Report for 2008 also showed that companies were resigned to the gloom continuing for some time, with many increasing their cash reserves while paying off more debt.
But the survey of more than 1,000 companies also found that businesses in the capital were better placed than others in Britain to survive the slowdown.
Ian Strange, London director of the institute, said: "London businesses know that the climate isn't going to change in the short term - yet despite this, they remain focused on growth and profitability."
