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Finance executives express New Year cheer in business survey

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By John Glenday, Reporter

January 7, 2013 | 1 min read

Brightening sentiment as to the state of the British economy has been expressed by executives at 112 of the UK’s leading firms, according to new research published by consultants Deloitte.

It shows that business leaders have shrugged off worries about a triple-dip recession and Eurozone implosion to express confidence in the year ahead.

This is principally down to the abundance of cheap finance which is serving to strengthen balance sheets, margins, cash-flow and credit – although concerns remain about the governments micro-economic policies.

The uptick in sentiment comes despite a growing expectation that the UK will lose its coveted triple A credit rating which isn’t expected to usher in yet another recession.

80% of respondents expressed satisfaction with monetary policy whilst 76% approved of labour market policy, although concerns remain around regulation, infrastructure, energy and immigration.

Ian Stewart, Deloitte’s chief UK economist, said the main picture from the survey was of “businesses which are constrained by low growth and uncertainty rather than weakness in business models or access to capital”.

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