A survey conducted by the Federation of Small Businesses (FSB) has revealed that small business confidence has dipped into negative territory for the first time since 2012.
The FSB’s Small Business Index for the third quarter of this year – the first data gathered since the UK’s vote to leave the EU – revealed that business confidence has now fallen for the third quarter in a row.
The FSB surveyed 1,035 small firms between July and August, and discovered that concerns are growing that the domestic economy will weaken.
However, the FSB also found that there are ‘many positive signs’ of small businesses proving resilient in spite of the ‘fragile economic outlook’ for the longer-term.
Mike Cherry, National Chairman of the FSB, said: ‘This persistent downward trend in UK business confidence reflects underlying issues that predate the Brexit decision.
‘We look to the party conferences and upcoming Autumn Statement to green-light infrastructure projects at local and national level, to simplify the tax system and to help reduce the costs of doing business.’