Tesco has ranked number one in BDO Stow Hayward’s ‘survivability index’ as the UK company best positioned to withstand the recession.
The accountancy firm uses a number of measures – including branding, cost management and internet potential – to compile its index. Other food retailers to make the list included Sainsbury’s and Waitrose.
According to BDO, the UK has witnessed the steepest plunge in business confidence on record, meaning that economic contraction is likely to accelerate in 2009.
In contrast, businesses operating in the Euro Area are more optimistic for a quicker return to growth.
However, BDO warned: “UK-style plunges in business confidence could soon be seen in the Euro Area. UK businesses had been lulled into a false sense of security by the ‘nice’ decade and consistently expected things “to get better soon” until a recent rude awakening. Confidence levels in the euro area could soon follow suit.”
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