He cites among other things, the Financial Times’ survey of 83 economists’ expectations for the coming year and Deloitte’s survey of finance directors.
The words of the later are particularly worrying according to Excell
What we should worry about is the fact that Chief Finance Officers are drawing the obvious conclusion that this is not a good time to invest. This is depressing, because most optimistic scenarios are based on the fact that companies have plenty of cash and the hope for an investment-led boom. Well, that doesn’t look likely: