UK SME Confidence Hit by Triple-Whammy of Double-Dip Recession, Global Economic Worries and Access to Credit

UK SME Confidence Hit by Triple-Whammy of Double-Dip Recession, Global Economic Worries and Access to Credit PR Newswire LONDON, June 12, 2012 LONDON, June 12, 2012 /PRNewswire/ -- Confidence falls in May following news of a double-dip recession 81 percent of SMEs see no improvement in credit availability Little boost expected from the Olympic Games Exports to emerging markets offer a glimmer of hope The confidence of Britain's small and medium sized importers and exporters has nosedived. The latest data from the Western Union Business Solutions International Trade Monitor (ITM) released today revealed UK SME confidence has re-entered negative levels. In the period March to May 2012 rising SME confidence in the UK economy dropped from 58 percent in April (the highest figure recorded since June 2011) to 49 percent in May. The fall followed the announcement that the UK is in a double-dip recession. SME importers and exporters in London were the hardest hit, with their confidence dropping from 60 percent to 40 percent over the same period. Neil Graham, Managing Director, UK, for Western Union Business Solutions, says: "SME confidence has dropped from the cautious rebound we saw last quarter. News of the UK entering a double-dip recession was a big blow; London confidence in particular has taken a bath. "The fall in confidence levels back to negative territory is very worrying for the UK economy.