Half of small firms do not expect to grow over coming year, FSB finds

25 Apr 2022

Research carried out by the Federation of Small Businesses (FSB) has found that close to half of UK small firms don't expect their business to grow over the coming year as a result of the cost-of-doing-business crisis.

The FSB's latest Small Business Index (SBI) confidence reading stands at +15.3 for the first quarter of 2022, which is down 12 percentage points compared to the same period last year.

Firms in the manufacturing and wholesale and retail sectors report negative readings as supply chain disruption, rising operating costs and surging labour costs affect expansion plans.

National Chair of the FSB, Martin McTague, said: 'The small business community shrank in size to the tune of hundreds of thousands over the pandemic. With COVID numbers now falling, this needs to be the summer where we start to reverse that trend – policymakers should be doing all they can to facilitate and encourage start-ups and side hustles.

'The new Enterprise Allowance, which helped move people off benefits and economic inactivity into small business ownership, has now sadly been withdrawn. The government's own statistics show 500,000 people, including many over-50s, have stopping working altogether – they should be encouraged to start a small business this summer.'

Copyright

© 2024 Michael Letch & Partners LLP. All rights reserved.

We use cookies on this website, you can find more information about cookies here.
Contact Us

Please call:
01277 655 626

Quick links

Home | Contact us | Site map | Accessibility | Disclaimer | Privacy | Help |

Address
Michael Letch & Partners LLP, 146 High Street, Billericay, Essex CM12 9DF

Michael Letch & Partners LLP is a limited liability partnership registered in England and Wales with registration number OC328815.

Michael Letch & Partners LLP is regulated by the Association of Chartered Certified Accountants in the United Kingdom.

Michael Letch & Partners LLP is also regulated by the Financial Conduct Authority to carry out specific activities and investment advice (registration number 112064).

The term ‘Partner’ is used to refer to a member of Michael Letch & Partners LLP. A list of members is open to inspection at our registered office at 146 High Street, Billericay, Essex, CM12 9DF.

Michael Letch & Partners LLP is registered to carry out audits in the UK by the Association of Chartered Certified Accountants.