In a survey conducted by governance, risk and transparency services provider Kroll, more than half of the 400 UK business leaders that responded – 61% – believe the UK pandemic recovery will take two years, while 11% stated it would take up to five years.
The results of the survey clash with predictions by the Office of Budget Responsibility (OBR), the government’s budget watchdog, according to Matthew Ingram, managing director UK restructuring at Kroll.
“The OBR is taking an upbeat view, predicting an increase in UK GDP of 4% in 2021, followed by about 7% in 2022,” he said. “On its assumptions, GDP could well be back to its pre-Covid-19 level by mid-2022. However, our polling has identified a very different sentiment among those business leaders who are at the coalface. The confidence of the OBR is simply not being shared in the wider economy.”
However, the survey also shows that more than half of respondents (51%) to the survey felt that the UK would begin to see a recovery under way this year, while the two main issues facing the UK economy were unemployment, according to 40% of respondents, and corporate failures (39%).