Braced for the big bounce back; yourmoney: : ECONOMY.Byline: CLINTON MANNING THREE-quarters of small firms reckon reck·on v. reck·oned, reck·on·ing, reck·ons v.tr. 1. To count or compute: reckon the cost. See Synonyms at calculate. 2. the economy will bounce back next year. And just over a third of the 7,200 businesses polled by BT believe it will happen as early as January. BT's Mick Hegarty said: "We are now at a tipping point The point in time in which a technology, procedure, service or philosophy has reached critical mass and becomes mainstream. See network effect. See also tip and ring. ." Small firms are the backbone of Britain's economy, so it's great they feel upbeat. But a report by accountants Ernst & Young warns against getting carried away. It reckons the recession is technically over, with figures out this Friday expected to show the economy is once again growing. But next year's growth could be pegged back to 1% by an end of the banger bonus scheme and stamp duty Stamp Duty An ad-valorem or flat rate charged upon certain documents. Notes: This is an extra charge placed on documents. See also: Ad Valorem Tax Stamp duty Applies mainly to international equities. holiday, higher national insurance contributions and a new 50p tax rate. Ernst & Young Item Club's Prof Peter Spencer said: "There could still be some substantial pain to come for companies and consumers. "For recovery the UK needs world trade to pickup and there's not much sign of that happening." |
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