Bad News For SME’s As BOE Cuts Growth Forecast

Many UK Small & Medium Enterprises have been having a rough time of it over the past few years. A debt crisis coupled with lethargic consumer spending has made it challenging for all but the best of SME’s and the European crisis (with whom we do 40% of our trade) shows no signs of easing.

It does appear to be lining up for more of the same in 2013, as the Bank Of England has reduced growth forecasts for the UK to just 1%, saying that the recovery will be “slow and protracted” with output predicted to hover around pre-crisis levels for a trio of years at the very least. More about the economic challenges facing UK SMEs can be seen in this BBC article.