Well the dread R word has been used a lot recently by Mervyn King (Governor Bank of England) and of course Gordy, they obviously knew what we all found out today.
Recession big style is happening now, not next year!
A huge 0.5% drop in GDP last quarter tells its own story, remember this is for Q3 to end September 2008 - since then we have had world wide financial panic and wall to wall media coverage of the slump.
My guess is that Q4 will see a bigger drop maybe even as high as 0.7%. This would take the economy into recession formally, definition wise, but in the real world will result in thousands of failed businesses.
Now is the time, if you have not already to get that tin hat on, cut costs, manage cash daily (ask for our simple to use daily cashflow model) and make any survival plans you will need.
If cashflow pressure turns to crisis talk to us now about how a CVA ( company voluntary arrangement) could save your business, cut staff costs overnight and keep YOU in control.