The group says that its output index, which is based on a range of survey data, fell to 92.6 in October – from 93.3 in September; it’s lowest since June 2009.
This is the third consecutive month that the index, which measures company turnover expectations over the next three months, has been below the critical 95.0 mark, indicating on trend-growth, showing the UK economy could already be contracting.
Peter Hemington, a Partner at the group, said: “We urge the chancellor to tackle the slowing recovery head-on in his autumn statement. Supply side reforms in particular, reform of the tax system will be critical if the UK is to promote investment.”
The accountancy group did offer some glimmer of hope with its Optimism Index - which predicts business confidence two quarters ahead - edged up from 93.4 in September to 94.1 in October, propelled by the improving morale of UK manufacturers. However, prospects for the 1st quarter of 2012 continue to look fragile.
If you’d like advice or support for your businesses finances following these findings and ahead of the New Year, contact the team of professional accountants London at Glazers today.
For more information, please contact Glazers, Chartered Accountants London or visit www.glazers.co.uk
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