LONDON: UK commercial broadcasters and media agencies fear advertising budget belts are beginning to tighten in the wake of the credit squeeze and associated financial panic.

Early indications show May revenues could be down by 10% year-on-year, with £30 million ($60.5m; €38m) disappearing from the coffers. Revenues in May 2007 totalled £301m.

Projections for the market in 2008 indicate slight growth. Total revenues for the first quarter are estimated to be down by around 0.5%.

Summer revenue expectations have already been lowered following the England soccer team's failure to qualify for the Euro 2008 championships.

However, one broadcast director was attempting to look on the bright side, saying: "A fall in May is not that surprising, because the early Easter has thrown everything out a bit. 

"Even with a poor May, it's too early to identify a pattern of downturn – you'll really need to see what happens in June and July."

Data sourced from; additional content by WARC staff