A post-Brexit survey from theFederation of Small Businesses (FSB), undermines the idea that the EU referendum has not yet affected business confidence. Indeed, the latest FSB Q3 Small Business Index found business confidence had dropped into negative territory (-2.9) for the first time since 2012.
Despite this, the survey found many positive signs of small businesses proving resilient and getting on with the job in hand, in spite of a fragile longer-term economic outlook, spurred by political uncertainty caused by the outcome of the EU referendum.
‘Small firms are resilient and will survive’
Mike Cherry, FSB National Chairman said: “There is no doubt that the political shock of the Brexit result has taken place at a time of weakening business confidence. For the first time in four years, confidence is in negative territory. This persistent downward trend in UK business confidence reflects underlying issues that predate the Brexit decision.
“Small firms are resilient and will survive the current fragile economic outlook, but to avoid an economic slowdown this data should be a wake-call for our elected politicians. he UK small business community seek key domestic policy decisions if we are to grow, to invest, to export and to create jobs. 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.”