According to a recent new report confidence amongst small business in increased to its highest level in nearly 3 years.
The Federation of Small Businesses (FSB) have said that financial services firms are the most optimistic with conditions improving in manufacturing.
A survey conducted with over 2,400 companies showed that more than half of them expected to hire new staff over the coming months. The Federation also is urging the chancellor to build on the positives by announcing initiatives in the Spending Review which is later this month. This also could give a further boost for businesses.
FSB chairman, John Allan, said, “After five consecutive quarters of year-on-year growth, confidence is moving in the right direction. Small firms want to employ more people and grow their business. They want to export and expect turnover levels to increase. This is all good news, but we must not be complacent.
“The Chancellor must use the Spending Review to build on this optimism. While there are positive signs, inflation and not being able to access finance will affect how quickly, and how much, small firms can grow and create jobs. We know inflation is likely to remain high for the coming 12 months, largely due to rising energy costs. This is why reform of the sector is so important and why it must provide transparency for small firms to choose the best tariff for them’.