The Federation of Small Businesses (FSB) has set out a series of measures to help boost growth after survey evidence found confidence among small firms at a record low, outside periods of lockdown.  

Data from the latest FSB Small Business Index shows small firms’ confidence is currently languishing near the depths recorded during the second COVID lockdown. The headline confidence figure fell to -46 points in the final quarter of 2022, down from -36 points in the previous quarter and the lowest level since Q4 2020, when it dropped to -49 points. 

The FSB described the results as ‘incredibly worrying’ and called on the government to implement a range of measures to boost growth. These include tackling late payment, addressing recruitment issues, driving energy efficiency, powering research and development (R&D) and reforming the way taxes are levied. 

FSB National Chair Martin McTague commented, “Clearly, falling consumer spending, inflation and high energy bills are all taking a toll, and poor results after the golden quarter are particularly disappointing – but this should also be a time to grasp the nettle and be decisive in finding more ways for the economy to grow, which is why we have drawn up a plan of action for the government to implement.”