'Worse is to come,' says Charlie Mullins
Nov 18 2009
Charlie Mullins, founder of Pimlico Plumbers
Entrepreneurs and business experts say they are bracing themselves for another tough year ahead.
Charlie Mullins, founder of Pimlico Plumbers, says he is not optimistic about next year. ‘We’re busy and slightly up on the first quarter, but I feel that the economy is not going to change for the better, and worse is to come.
'The recession has caused so much damage and people remain unsure about reinvesting. Yes, we will get through this. Yes, we need to be confident. But we also have to be true to ourselves and stop pretending we’re not in the depths of a recession,’ says Mullins.
Digby Jones, former head of the Confederation of British Industry, believes next year will be very difficult for a lot of companies due to a lack of financial support. ‘The situation is not helped by the two banks that we [as a nation] now own not lending – they need to,’ he adds.
Jonathan Davis, managing director of professional services firm Armstrong Davis, says businesses need to prepare for the worst by focusing on costs. He says: ‘If you can get through the next two to three years, which are likely to be as painful as 2008, there will be fewer companies around and you will be able to take a larger market share.’
Despite expectations that the economy would emerge from recession last month, figures from the Office for National Statistics showed that GDP shrank by 0.4 per cent – making this the longest recession in over 50 years.
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