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Recession 'still being felt by businesses'

Businesses across the UK are still feeling the effects of the recession, it has been claimed.

James Stancombe, an adviser at Business Link, noted that companies have not yet come to terms with the long-term effects of the economic downturn and as such, many firms will be loathe to implement large-scale employment drives until the global marketplace has stabilised further.

He commented: "[For] companies which have previously existed on credit, it's forecast that they'll become a lot more aware of their finances."

Mr Stancombe added that companies will primarily be looking to develop "a more efficient understanding of their own operation".

Meanwhile, research carried out by the Forum of Private Business showed that 37 per cent of businesses have paid more attention to their own internal finances as a consequence of the recession.

Furthermore, 29 per cent of firms plan to develop their business in the short term by amending their business/marketing plan.