SJD Accountancy

Small business belief in the UK economy could benefit contractors

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Freelancers and Limited company contractors will certainly be pleased to hear that confidence in the UK economy is continuing to grow. 

According to the Western Union Company, of the 600 small and medium-sized businesses surveyed, 68% said they had confidence in the UK economic climate, which is the highest figure since records began three years ago.

This boost in optimism has been gradually growing over the past year, as this latest figure is an increase of 12% compared to the last quarter and 22% since Q3 2012.

For those with their own businesses, this is of course great news, but it could also benefit the UK’s highly skilled contractors, as belief in the economy could result in businesses looking to expand and hire.

Kerry Agiasotis, Chief Commercial Officer, Western Union Business Solutions, explained, “Small and medium-sized businesses are embracing improved economic conditions. In Q2, larger companies were expressing optimism, but this has been slower to trickle down to SMEs. What we are seeing now is the first significant rise in SME confidence as domestic economic data grows stronger. 

“It is particularly encouraging to see that Britain’s SME manufacturers are finally expressing more confidence, but retailers continue to feel the pain of reduced individual and family budgets. 

“SME sentiment indicates that we are in the midst of a real recovery but its sustainability is still being questioned. The green shoots we are seeing could easily be crushed by a seismic event, such as a renewal of the sovereign debt crisis in Europe. It is too soon to be complacent.”

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