Since the onset of the economic problems precipitated by the banking crisis, firms around the UK have had considerable pressures to contend with.
For example, many are having to make increased use of debt recovery solicitors in order to recoup money owed to them. After all, if they do not succeed in their attempts at debt collection, they can find themselves suffering serious cash flow problems.
Now the British Chambers of Commerce (BCC) has called on the government to step up its efforts to help enterprises in the UK.
Chief economist at the organisation David Kern suggested that, while the country’s economy will “likely avoid a recession”, it is important that those in power make every effort to “boost growth and empower the private sector to create jobs”.
He added: “While the government perseveres with efforts to cut the deficit, it must reallocate priorities, within the spending envelope, towards growth enhancing policies. Red tape must be cut more aggressively, the credit easing programme must be made more effective, and the [Monetary Policy Committee] must do more to ensure that the huge [quantitative easing] programme encourages increased lending to viable [small to medium-sized enterprises].”
The expert made his comments after the BCC released its Quarterly Economic Survey for the first three months of this year. It showed signs of growth, but suggested that the pace of the recovery is too slow.
It also noted that cash flow measurements remained weak and in negative territory for organisations in the service sector, which the balance standing at -4 per cent.
Firms that are enlisting the help of debt recovery solicitors to assist with their debt collection will no doubt be keeping a close eye on economic measures like this survey to help them strategise about their futures and to put their experiences in a broader context.
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