Mumbai, India (PressExposure) February 05, 2009 -- A recently conducted survey by the Confederation of British Industry (CBI) has warned the United Kingdomâs small and medium enterprises (SMEs) in the manufacturing sector of a sustained market slump and further job losses. According to the survey findings, small businesses in the country should brace for difficult times ahead. The projections made by the organisation are based on the demand figures for UK goods that plummeted drastically in the last quarter of the current financial year.
The CBI survey revealed that 164 out of the 492 surveyed firms have reduced their workforce during the final quarter of 2008. As per the survey findings, job losses are expected to increase among SMEs during the next quarter. Following the loss of around 50,000 jobs in the final quarter of 2008, nearly 60,000 jobs are estimated to be axed in the first quarter of 2009.
The survey also pointed out that 7% of UK SMEs have increased their workforce during the last quarter. Around 13% of companies revealed that new orders had grown, while over 54% of them confirmed that orders have declined drastically over the past few months.
With output and orders expected to fall at a brisk pace in the next quarter, SMEs in the UK are suggested to prepare for difficult times ahead.
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