In the latest of an avalanche of positive economic figures, the Federation of Small Businesses has revealed that confidence among small and medium firms is on the up.
The Confidence Index, which measures SME confidence on a range of issues, increased to 33.5 points for Q3 2013, double the 15.9 score seen in the previous quarter.
John Allan, FSB national chairman, says: “Optimism, growth and confidence can be used to summarise this quarter’s findings. Following from the Chancellor’s speech on the state of the economy, small firms are clearly helping the economy gain momentum compared to the same point last year.”
Four in ten small firms report an increase in revenue over the past three months and a quarter expect their export sales to grow in the next three.
20 per cent of firms plan to increase their capital investment spending on things like machinery and plant goods in the next 12 months, double the proportion who said so in the same quarter last year.
There are signs this confidence is boosting the job market, as a net 3.4 per cent of firms reported increased staffing levels.
Allan continues: “The economy needs to have confident small and big businesses to make sure jobs and wealth are being created for UK-plc. But at the same time, businesses need to have confidence in the economy to take the risk to create jobs and invest.
“With more firms looking to grow rather than downsize, it’s clear these feelings are returning. Government needs to build on this and the Autumn Statement is the right time to do that.”
Do you share this confidence in the future of your business?
Share this story