Most UK entrepreneurs are preparing for a recession of more than 18 months, according to a poll conducted by GrowthBusiness.co.uk.

Most UK entrepreneurs are preparing for a recession of more than 18 months, according to a poll conducted by GrowthBusiness.co.uk.

While only 15 per cent expect less than a year of negative economic growth, almost a third (31 per cent) anticipate a slump of more than two years, according to the poll of 287 small and medium-sized businesses.

Fiona Hotston Moore, London managing partner of accountancy firm Mazars, comments, ‘It is reassuring that people are taking a realistic view.

‘The recession will be deeper and less predictable than we have seen in the past, and affect most sectors, whereas previous recessions have been focused on particular sectors.’

Moore adds that there is more pain to come, raising the possibility of a ‘W-shaped recession’, with a false recovery followed by a second dip.

‘We are seeing a few people taking advantages of the opportunities, [for example] by doing mergers and acquisitions without cash, but to be realistic, it’s really tough out there across the board,’ she concludes.

The GrowthBusiness.co.uk poll was conducted between 18 February and 17 March.

Vote in our latest poll.