So are the good times really over? I think most of us would agree that for the time being at least, the answer to that question has to be: 'Yes, they are.'The cost of food has surged 12% in a year, fuel prices are rocketing and thanks to the weakness of sterling, the mere thought of going on holiday in continental Europe right now is enough to make those of us (who are not exporters) draw in our breath. So it's hardly surprising that in companies - and indeed households - all over the country, belts are being tightened, costs are coming under greater scrutiny and budgets are being quietly slashed. And at the moment we're only tentatively dipping our toes into the cold waters of a downturn -or, to use the Bank of England's favourite oxymoron - entering a period of'negative growth'. So if this is where we are now, where on earth will we be this time next year? The signs of where things are heading can perhaps already be discerned from our annual survey of the UK's Top 60 accountancy firms (starting on p24), where growth has slowed to 6.4% year-on-year, down from 13.8% in 2007. Admittedly, the firms are still growing, but their results this year are only starting to reflect the impact of the tightened credit markets and more difficult trading conditions generally.
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