Pic: By Ricardo Stuckert/PR (Agência Brasil ) [CC-BY-2.5-br], via Wikimedia Commons
Will translation rescue London businesses from the morass of the UK economy? A report today by the London Chamber of Commerce and Industry shows a difficult last few months for London business, but concludes that part of the solution is reaching out globally to growing economies.
Most of the key performance indicators for London’s businesses fell in the third quarter of 2011, according to the LCCI’s latest Quarterly Economic Survey. London businesses saw sales and orders in both domestic and export markets fall significantly.
The report [.pdf] notes confidence figures at an individual company level remained relatively steady in Q3, but confidence in the UK’s economic situation fell drastically.
Interviewed on the BBC, Colin Stanbridge, Chief Executive of the LCCI, said, “London business have to get out to places where economy is growing.”
He commented further on these results:
“There are economies beyond Europe experiencing huge surges in consumer demand, not least in Brazil, China and Russia. The business community and the government must work together to harness these opportunities for UK firms.”