BUSINESS leaders have sounded a note of cautious optimism for the year ahead, amid warnings about a hangover from last year's downturn.

The Essex branch of the Federation of Small Businesses, which includes the borough of Redbridge, said while the difficult financial conditions will continue into the new year, small firms will have the chance to make the most of a possible end to the current recession.

Chairman Iain Wicks said: “2009 has been a tough year for businesses in Redbridge, and it looks as if the start of 2010 will not be any easier with VAT going up by 2.5 percent from January 1 and rateable values for business premises increasing by up to three-fold from April 2010.

“However there is a light on the horizon with the recession anticipated to end during 2010 and we want to see businesses ready to take advantage of that upturn when it comes but that means they need to act now.”

For more information visit www.fsb.org.uk/essex.