Institute of Directors survey finds number who see high risk of fresh recession has halved to one-in-six over past year
Business leaders believe the likelihood of Britain sinking into recession for a third time in recent years is fast receding, according to a survey conducted by the Institute of Directors.
While many top business men and women still regard a triple-dip recession as a very real danger, those who see it as a high risk have fallen to about one in six. A similar survey 12 months ago found the figure had been one in three.
Despite cautious optimism over the economic, chancellor George Osborne has seen his approval rating among business leaders fall to just 11%, the survey found, down from a peak of 54% at the time of his budget in 2011. Dwindling support for Osborne comes despite his bold moves to slash corporation tax to 21%. “I want Britain to have the most competitive business tax regime of any major economy in the world,” he said in his autumn statement.
There remain misgivings in many quarters about the effectiveness of government’s wider efforts to stimulate growth. Conservative peer Lord Heseltine has been among the critics, telling Osborne in October: “The message I keep hearing is that the UK does not have a strategy for growth and wealth creation.”
Whatever business leaders’ views of Osborne they remained firmly supportive of his deficit reduction programme, with 57% saying he should stay on track. Only 19% said he should ease back and 1% said the proposed cuts should be reversed.