Small Businesses: Prepare for Public Sector Cuts

Small Businesses: Prepare for Public Sector Cuts

Companies who have contracts with the public sector are being urged to prepare for possible cuts by the ICAEW. With £6.2bn of spending reductions recently announced and further cuts expected in the forthcoming Budget and Spending Review, businesses need to be clear about their next steps, if the worse happens. Clive Lewis, Head of Enterprise at the ICAEW, said: “These cuts are inevitable and businesses will have to accept them. There are actions that can be taken though which can soften the blow and ensure that it will not mean that a company will go out of business. It is clear that there are some deep seated problems to address in the UK’s public finances and it is best to be prepared for this eventuality.” The ICAEW has called on businesses to review their curren... »