Martin Sorrell calls for US to focus on deficit reduction
WPP's Sir Martin Sorrell has called on President Obama's administration in the US to take a lead from the UK and focus on cutting the deficit.
Speaking at the annual World Economic Forum (WEF) in Davos, Switzerland today (26 January), WPP’s leader pointed to the lack of investment in long-term business commitments in the US as a result of uncertainty surrounding business in the short-term.
Despite WPP achieving "remarkable" growth of 8% in the US in 2010, Sorrell warned this was likely to be a brief respite in a generally declining market, calling it "a bit of dead-cat bounce".
Controversially, Sorrell called for further cuts to be made in the world’s biggest business market, "the way the UK has gone", despite mounting fears of a double-dip recession in the UK after the economy shrank by 0.5% in the last quarter of 2010.
This footage is made available to Brand Republic from CNBC, reporting from the World Economic Forum Annual Meeting in Davos, Switzerland. Visit davos.cnbc.com.
Latest jobs Jobs web feed
- Marketing Manager Ball & Hoolahan £68,000 + Car/Car Allowance, London
- Digital Strategist Rare Selection £30,000 - £35,000 + excellent benefits, London (Central), London (Greater)
- Visual Merchandising Project Manager - Skincare Jarlett de Grouchy £35000 per annum + Bonus + Benefits, London (Central), London (Greater)
- Trade Marketing Manager Thorn Lighting c£50-55k p.a. plus car, bonus and benefits, Chalfont St Peter, Buckinghamshire
- Artworkers - Junior and Midweight Red Sofa London £22000 - £27000 per annum, London (Central), London (Greater)
- New business director-part-time, boutique design agency,£55k PR Gabriele Skelton £50000 - £60000 per annum, London (Central), London (Greater)