The Confederation of British Industry (CBI) has announced that the effects of the recession and lack of loan availability is likely to alter the shape of business in the UK on a permanent basis

Even if the economy returns to a position where banks are once again offering cheap loans as they were prior to the credit crunch, firms could still suffer.

In a new report entitled “The Shape of Business- The Next Ten Years”, the CBI has described the credit crunch as a catalyst for change in business attitudes.

It anticipated that the main change will be non dependence on business loans from banks and other suppliers, as most businesses do not expect company loans to return to pre recession levels or costs.

This is likely to lead to a stronger relationship with suppliers and customers, as well as creating better accountability.

Richard Lambert, the CBI's director-general, said: "We may be at the start of a new era for businesses, in which attitudes to finance and to corporate leadership are changed for a generation by the shock of the past two years.

"What we now need is a more balanced, less risky pathway to growth - one in which the short-term returns may be lower, but the long-term rewards for management success will be a lot more sustainable and secure.

"There are important questions around how businesses are going to finance growth and investment in the future. And in a more collaborative, less transactional world, closer relationships with customers, suppliers, employees and shareholders look like becoming the new norm."