One in six businesses are considering laying off staff as the effects of the credit crunch hit home, Tunbridge Wells accountants claims.

A nationwide survey by accountants Baker Tilly asked finance directors of over 100 companies with turnovers of up to £250 million if they were feelings the effects of the downturn.

Releasing the results of the survey, Bill Owen, managing partner at Baker Tilly in Tunbridge Wells, said many companies quizzed felt the credit crunch was beginning to have more impact on their business, and had begun to consider cost cutting measures.

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