Sentiment in relation to the current business environment, however, improved slightly throughout the year. The share of companies rating the current business environment as ‘poor’ or ‘very poor’ fell from 77% in Q1 to 69% in Q4. Expectations for the future have also improved somewhat. In Q4, 62% expect the overall business environment to be ‘poor’ or ‘very poor’ in three months’ time, compared with 74% in Q1. The total pay bill decreased in 54% of companies in the 12 months to Q4 2009. Looking ahead to 2010, 47% expect their total pay bill to remain constant, 33% expect it to decrease, while just 14% see their pay bill increasing. The majority of respondents expect to implement pay freezes in 2010. In Q4, 14% of companies had experienced an increase in the cost of working capital in the previous three-month period, down from 21% in Q1. The cost of investment capital had increased in 10% of companies, similar to Q1 and Q2 but substantially lower than the 18% in Q3. File size(s) :