Economy

Survey finds United Kingdom small business confidence on the wane

Survey finds United Kingdom small business confidence on the wane”

Mike Cherry, the organization's national chairman, said rising inflation and a weakening national economy are the "twin drivers of plummeting confidence among small firms and consumers alike". Optimism is tumbling for small businesses due to rising costs and a more uncertain economic climate. The retail and entertainment sector reported some of the lowest levels in confidence, sliding to -20% and -30% respectively.

Jo Smedley, managing director of small retailer Red Herring Games told The Daily Telegraph that while export levels to the USA have risen for her firm, by comparison United Kingdom sales have been sluggish, despite significant investment in marketing and e-commerce infrastructure.

It also found 70% of firms reporting a rise in operating costs compared to the same period previous year.

An increase in operating costs is hitting 70 per cent of companies, with labour costs, rent and taxation identified as the main culprits.

There was some good news.

One bright spot, he said, is that exporters remain "bullish".



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