THE VRA brought together business leaders to discuss the news of the contraction of the UK economy.
More than 150 companies from car makers and auctions, to data providers and car leasing companies attending the inaugural Vehicle Remarketing Association (VRA) conference in Oxfordshire today to discuss today’s news of the UK economy contracting by 0.5 per cent in quarter four.
The attended parties were asked ‘following today’s surprise news of a fall in GDP of 0.5 per cent in quarter four 2010, has your opinion of the likelihood of a double-dip recession changed?’
42 per cent said they now believe that a double dip recession is more likely, 35 per cent felt their opinion had not changed, while 23 per cent felt that a double dip recession is unlikely.
John Davies, chairman of the VRA said: ‘The news arrived midway through the morning of our conference so we were in a good position to gauge a reaction from a cross section of business leaders.
‘According to our survey, nearly half (42 per cent) had changed their opinion and felt that a double dip recession was more likely, while just over a third (35 per cent) said their opinion had not changed. This news has obviously given everybody food for thought.’
SMMT chief executive, Paul Everitt, said: ‘The news is disappointing and confirms the challenges we face in 2011. However on a plus point UK manufacturing was 1.4 per cent up, with the automotive sector leading the way in quarter four 2010,’ he added.