From ANI London, July 8: The British Chambers of Commerce (BCC) has warned that Britain is only three months away from sliding into a full-blown recession. In a devastating new quarterly report, the business chamber warned today that companies are reporting alarming shortages of hard cash as the credit crunch bites. Describing the signs in the UK economy as "ominous", the chamber claimed that business confidence has collapsed in both the service and manufacturing sectors. Basing its report on a survey of a record 5,000 firms, the BCC also said that confidence about profits is down 16 per cent in the service sector to levels last seen in 1990. It also said that domestic sales and orders have plunged by up to 21 per cent in the service sector - and are also down in manufacturing. The Sun quoted the chamber as further saying...
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