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UK firms ‘need to exercise caution’


British companies should exercise caution in the coming months as they emerge from the economic downturn, according to one sector expert.

David Kern, chief economist at the British Chambers of Commerce, said that firms should be wary, as confidence is likely to go up in the coming weeks but the risk of it falling will remain for a while.

His comments came after a report conducted by PricewaterhouseCoopers revealed that business volumes rose slightly in the three months to December, with firms’ profitability also increasing.

“The most likely outcome is that it will continue to go up but at a very modest pace and the recovery will be very fragile and very patchy. It could have interruptions, it is going to be a very difficult recovery,” Mr Kern said.

He added that businesses will prepare for recovery by taking on skilled workers, but must ensure that they have enough cash in the first instance.

 

Author: Joyce Slay

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