Businesses plan cutbacks in 2011

Businesses are planning a fresh round of cutbacks in 2011, according to research by insurer Allianz.

The company, which drew its conclusions from a poll of more than 1,000 British businesses, found that 77 per cent of businesses cut costs since the start of the recession, but that almost two-thirds (61 per cent) plan to do so again in 2011.

Over a third of businesses, however, have a more positive outlook for 2011. Of the remaining 39 per cent, 31 per cent are planning to maintain the budgets they have had during 2010 and 7 per cent are aiming to increase their outgoings to help their businesses grow.