London: The Management Consultancies Association, MCA, reported yesterday that consultants' confidence in the UK's economic prospects has slipped since the summer — just as the OECD was warning that the UK economy is on the brink of another recession.
Nearly half of the UK's top level management consultants believe that economic conditions in the UK will get worse over the next 12 months. This is a 24 percentage point increase compared to three months ago according to The MCA Barometer, the survey of leading figures in the management consultancy industry carried out by the MCA in partnership with Ipsos MORI.
The survey shows that 46% of respondents believe that the state of the UK economy will get worse over the next year. But the number of consultants believing that the Government's policies will improve the state of the UK economy in the long term remained stable at 72%.When The MCA Barometer was last carried out in the summer only 22% of respondents believed that economic conditions in the UK would get worse over the next year.
Commenting on the findings Alan Leaman, CEO of the MCA said: "The findings of our survey confirm a significant change in mood over the past few months. British business is reacting to the uncertainty and anxiety that they feel about economic prospects. Yet there is no sign that this is altering views about the main thrust of government policy. While consultants would like to see specific measures to improve prospects for growth, particularly to accelerate private and public investment in infrastructure, these should not compromise the broad outlines of the strategy."