The South East of England is the biggest loser in the government’s public sector spending cuts, according to the latest quarterly Mid-Size Business Confidence Survey by CIMA (Chartered Institute of Management Accountants). Over two-thirds of mid-sized businesses in the South East have already reported losing revenue as a direct result of public spending cuts or contracts. 67% of mid-sized businesses in the South East have reported that they have already lost money due to cuts in public sector spending.
This is double the national average, where 33% of mid-sized businesses have been affected and seven times worse than the least affected region in the UK (East Midlands).
The South East region is also the least confident about their business survival compared to the rest of England and it is bad news for the local school leavers as the mid-sized businesses also feel they are least likely to benefit from the £1.4 billion funding available to train an extra 100,000 apprentices by 2014, with only 13% expecting to take it up compared to the national average of 22%
What is your experience? Are you losing revenue?