Small Business Confidence On the Rise in UK
Confidence amongst small business owners in the UK seems to be soaring as a survey by the Federation of Small Businesses (FSB) tallies up those who foresee growth within the next twelve months.
In its regular survey, conducted every quarter, the FSB found that three fifths of firms expected to see growth with all sectors reporting a positive outlook on the seventh consecutive quarter. The North East of England reported the most improved outlook whilst the South East had the most positive outlook overall.
This latest report seems to coincide nicely with official figures coming from the Office of National Statistics (ONS) which are showing that the economy has grown 3.2% in the second quarter of this year compared to the same point last year.
Many international bodies, including the International Monetary Fund (IMF) and the Organisation for Economic Co-operation and Development (OECD), are under the impression that the UK is likely to remain the fastest growing developed economy for the near future.
Of the businesses surveyed, those in the financial services seem the most confident with one third of all business surveyed expecting a higher turnover and one fifth expecting to see higher profits.
The FSB’s national chairman, John Allan, said: “We’re seeing record breaking confidence from our members which suggests small firms will continue to spearhead the UK’s recovery.
“We want policy makers to lock in this optimism and continue to back the self-employed and small businesses. As we head in to party conference season, we’ll be looking to all the political parties to spell out what they will do to encourage job creation, investment and reward entrepreneurs in the next Parliament.”
With small businesses often being very good economic indicators, this is positive news for the British economy, especially when it goes hand in hand with ONS, IMF and OECD reports all signalling at a growing strength within the UK.
As such, now could be a great time to invest in the UK as businesses are making the most of this economic upturn and riding high on this wave of confidence.