Confidence Among Small Businesses in Britain Falls to Eight-Year Low in Q4 2019: FSB
A recent survey the Federation of Small Businesses (FSB) reveals that confidence among small businesses in Britain has slipped to the lowest levels in eight years. FEB’s business confidence measure, the Small Business Index (SBI), has fallen for the sixth consecutive quarter in Q4 2019 to -21.6.
The last time the index had touched such a low reading was when the UK had entered a double-dip recession back in 2011. Brexit and political uncertainties and a slowdown in economic growth have been the main factors for the fading confidence among small businesses.
Almost half of the firms surveyed expected their performance to deteriorate further in Q1 2020. In contrast, only around 25% of firms expected the situation to improve in 2020. As a result of this pessimistic outlook, only 10% of firms had plans to step up hiring in Q1 2020.
Meanwhile, FSB’s director of external affairs and advocacy, Craig Beaumont, sounded slightly hopeful that Johnson’s victory could improve the business outlook, adding, “The incoming government has made some very positive commitments to the small business community, particularly where connectivity, employment costs, business rates and late payments are concerned. It now needs to deliver.”
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