BUSINESS leaders in Huddersfield who accurately predicted the onset of the UK recession have delivered a gloomy verdict on hopes for an early recovery.

Think-tank The Forum, organised by David Broadhead, a former business studies lecturer at Huddersfield University, has forecast the housing crash, the banking crisis and the collapse of sterling during its regular meetings held at Cliffe House, Shepley.

Now the group of business leaders and public sector figures from across Yorkshire has warned that the recession is far from bottoming out.

Mr Broadhead, managing director of training company Partners in Management Ltd, based at the Media Centre, Northumberland Street, said: “Too many businesses and individuals fail on predicting false dawns and in recessions it is easy to see green shoots.

“Unfortunately, the group anticipates more significant phases of the downturn.

“The first will be the failure of well-run, profitable businesses due simply to a lack of cash.

“The badly-run, heavily indebted organisations have already failed, but these will be traditional, respectable organisations.

“Following this, we will find that the organisations that are left – other than the really large strong, dominant players – will probably have to merge and rationalise to realise any return.

“The prospect for jobs does not look good and we see no reason yet to revise our job loss estimates of well in excess of 3m unemployed.”