UK managers have lost confidence in the Coalition's economic policies
According to figures from the Chartered Management Institute (CMI), managers in the UK have lost confidence in the government’s current economic vision.
63% of managers in the UK have said that they have little or no confidence in the Coalition’s economic policy, with 19% giving a complete vote of no confidence.
The figures come from the CMI’s Economic Outlook report, which polls 510 of the UK’s top business leaders. The report asks managers every six months how the economic situation is affecting their business.
Nearly half of the participants from the private sector said that the government’s austerity drive was having a negative affect on their business.
Ann Francke, the CMI’s Chief Executive, voiced her concern about the findings. She pointed out that during the halfway point in the Coalition’s five year term, a lot of their economic plans were failing to help businesses thrive.
Francke said, “Those on the ground trying to make their businesses work are still under pressure to cut costs, still insecure in their own jobs and still don’t see things changing any time soon.”
High energy costs were identified as the greatest barrier to growth, whilst the sheer level of government debt came in a close second.
The CMI has called on the government to take steps in order to provide the support that UK businesses need in the current economic climate.
Francke said, “Getting Britain back on its feet requires measures to boost management confidence. We need commitment to a wide range of complementary measures, spanning everything from education and training to fiscal and monetary policy.”