The news this morning is dominated by talk of recession with the report from the British Chamber of Commerce forecasting a a "menacing deterioration" in UK prospects.
Sales,orders and the impact of rising prices are the main worry coming from a survey of 5000 small an medium sized business' from across all sectors.It now appears to have moved from those directly related to the credit squeeze such as the financial services and construction to general manufacturing and services.
The only bright spot is exports which are benefiting from the weak pound against the euro.
Allied to that is a report from KPMG which show that vacancies are falling.Recruitment has been on a downward trend for most of the year and in June for the first time in five years we have seen the number of vacancies fall.
And after last week's warnings from Taylor Wimpey,another builders Persimmon announces that it is to make 1100 job cuts following house sales down over 30% in the first six months of the year
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