Confidence has fallen among the UK’s small businesses, a recent survey from the Federation of Small Businesses (FSB) has revealed.
The report suggests that small business confidence has reached its lowest level in four years, sparking fears over a possible recession.
More than half of the respondents reported that their operating costs had increased in the past three months, while taxation was also a key factor contributing to increased costs.
Commenting on the report, FSB chairman Mike Cherry said: ‘To head this off, we need to do everything we can to support small firms to grow, create jobs and weather the harsh economic headwinds’.
‘Even before the EU referendum result, our members were reporting tough business conditions right across the country. The referendum result has settled the question of UK membership of the EU but there are many questions left unanswered.’
Meanwhile, a separate survey has suggested that business pessimism doubled in the week following the Brexit vote.
Chancellor George Osborne recently announced plans to cut corporation tax below 15%, in a bid to demonstrate that the UK remains ‘open for business’.
We can help with all of your business and tax planning needs: please contact us for further advice and assistance.