According to a study published by Lloyds Bank Corporate Markets - which offers business assistance in more than 2,000 branches across the country - today (3 January), there is currently a 74 per cent chance the UK will slip into economic downturn once again during 2012.
Furthermore, the organisation indicated that confidence among businesses operating in the nation dipped to its lowest level in three years last month as various factors impacted on positive sentiment.
Within the report, Lloyds economists Jonathan Thomas and Hann-Ju Ho observed: "The results indicate that the economy will almost certainly begin the new year with a contraction."
In addition, the experts stated that financial indicators are showing economic activity will "progressively weaken" in the first quarter and the opening stages of the second quarter.
By Claire Archer