What are the competitive advantages for those companies who do not cut training spend in a recession?

The Brefi Group quotes this answer from the Institute of Directors:

To ensure that your business is well-positioned when the economy starts to recover. Those businesses that do not survive will open up market share to those who do.
To remain competitive. If your employees are knowledgeable and motivated, they will find new ways of generating revenue.
To understand your customers’ buying habits and how to build on their loyalty. You need to maintain repeat business in a recession.
To enable your employees to stand back from the day-to-day operations and understand the strategic implications of their work.
It sends one of the most powerful messages to your employees – that they are valued. When your employees are anxious about job security, it is more important than ever to demonstrate a commitment to them.
To avoid a long term skills shortage among your employees. UK businesses are still recovering from skills lost during the 1990s recession due to poor investment.
Training increases productivity in the short term, as well as the long term. The sooner you engage your staff, the earlier you can address and deal with the impact of the recession.