Julie Palmer of business recovery and restructuring specialist, Begbies Traynor commented on today’s GDP figures:
“This is the worst possible news for the economy, and is a far larger contraction than expected. With many sectors hit hard by recent adverse weather we expect to see more bad news over coming months as poor leisure and retail spending impacts right through the economy, and there is no material evidence of a positive Olympic effect at present.
”There are a great many so-called ‘Zombie businesses’ teetering on the edge and operating on fine margins, and many directors are becoming increasingly weary after several years of tough trading. They need to see confidence and growth in the economy very soon, especially with the mounting uncertainty within the Eurozone.”
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