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Accountants’ Credit Crunch Survey Paints Gloomy Picture

A survey by High Wycombe accountants Fish Partnership has found that almost 90 per cent of respondents feel they are suffering as a result of the credit crunch.

Analysis of responses to the survey, which Fish Partnership carried out with clients in December, found that 88 per cent felt the credit crunch was affecting them personally. Where they ran a business, 63 per cent felt their firm was suffering as a result of the difficult economic conditions. Other findings from the survey at included:

88 per cent of respondents said they were concerned about their pension
63 per cent said they were having to cut back on personal spending and the same percentage were concerned about their investments
50 per cent were worried about their mortgage
50 per cent of business-owners said customers were taking longer to pay and the same percentage said their business volume had been reduced
25 per cent of business-owners said they were having to reduce their margins.

The government was held to blame for the current economic climate by 75 per cent of respondents with 50 per cent also blaming banks.

Martin Sheehy, partner at Fish Partnership, said: “Our survey has provided a worrying snapshot into the increasing impact of the credit crunch and demonstrates just how widely it is being felt. These results will be valuable in helping us to focus our advice and services where they will be most helpful in seeing our clients through this challenging time.”

For more information, call the Fish Partnership on (01628) 527956.

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