The majority of firms are planning to freeze workers’ pay this year and half were considering or certain to cut jobs as the recession continued to bite into industry, new research has revealed.
The British Chambers of Commerce said a study of 400 companies showed that half said banks were responsible for the current economic crisis, while over a third blamed the Government.
The report, published ahead of the chambers’ annual convention in Birmingham yesterday, showed that 58 per cent of firms were planning wage freezes this year.
Half of those questioned warned of redundancies in the next six months.
David Frost, director general of the BCC, said: “The government must realise that the private sector cannot bear all of the pain.”