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London business leaders fear double-dip recession

LONDON'S business leaders have become more worried about the possibility of a double-dip recession since the budget.

Almost seven out of 10 said they feared another “period of economic” decline was on the horizon, according to a poll by the London Chamber of Commerce and Industry.

When the same question was asked in January the figure was 58 per cent.

The number who agreed the economy “will experience sustained improvement” has dropped from 29 per cent to 20 per cent since January.

A massive 78.5 per cent said they did not think chancellor Alistair Darling had done enough to address the budget deficit.

The leaders also said the extra tax revenues needed to mend the hole in the Government's finances should have come from increasing VAT rather than national insurance contributions.

Chief executive of the London Chamber of Commerce and Insdustry Colin Stanbridge said: “The business community was clearly not impressed with the Budget."