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Accountants' credit crunch survey paints gloomy picture
An on-line survey by Bradford accountants Watson Buckle has found that almost three quarters of respondents feel they are suffering as a result of the credit crunch.
Analysis of responses to the survey at www.watsonbuckle.co.uk, which took place during January and February, found that 71 per cent felt the credit crunch had affected them personally.
Where they ran a business, 53 per cent said their firm had felt the impact of difficult economic conditions and 76 per cent said they expected the credit crunch to affect their business in the future. Other findings from the survey included:
- 56 per cent of respondents said they were concerned about their investments
- 29 per cent said they were having to cut back on spending
- 41 per cent of business-owners said the credit crunch was reducing their business volumes
- 26 per cent said they were having to reduce their margins
- 21 per cent said customers were taking longer to pay.
Banks were held chiefly to blame for the current economic climate. A total of 76 per cent respondents held the banks and other financial institutions responsible although 50 per cent also blamed the government and 47 per cent the world economy.
Chris Padgett, managing partner at Watson Buckle, said: “Our survey has provided a worrying snapshot into the increasing impact of the credit crunch and demonstrates just how widely it is being felt. These results will be valuable in helping us to focus our advice and services where they will be most helpful in seeing our clients through this challenging time.”
For more information, contact Watson Buckle on 01274 516700.