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.
This article was first published on brandrepublic.com