Experts have warned that the UK economy will never be the same again following the recent recession.
A panel of academics convened by accountancy firm BDO Stoy Hayward also suggested that the economy will remain weak until 2015.
However, it seems that many businesses are reluctant to accept this, with a study by BDO highlighting that 44 per cent of firms think everything will return to normal within the next two years.
"Although this recession may be over - we hope - the consequences still remain. As a result, the economic environment will remain tough for some time to come," said BDO partner Peter Henington.
"Linked to this, we are going through a period of profound societal and technological change which will mean that some business models will wither away and die, while others will thrive and grow."
He added that businesses need to think about how the world is changing and reinvent themselves to make sure they survive.
Last week, it was reported that weak retail data had prompted fears of a double dip recession.
