Smaller sized UK businesses, such as Limited company contractors, are experiencing a significant increase in confidence.
Findings from a recent Federation of Small Businesses (FSB) report show that three fifths of the small business surveyed (61%) predict that they will experience growth in the next 12 months, and one in ten (11%) expects to grow rapidly.
The latest Small Business Index, which is the FSB’s measure of confidence, reached +41 points in the third quarter, and it is the first time levels have reached this high, with every sector recording a positive outlook for the upcoming three months.
Figures also revealed that a net balance of five per cent of small firms increased headcounts in Q3 2014 – which is the highest increase on record.
Looking at a regional analysis, the North East is showing the greatest gains compared to a year ago, recording a confidence score of +44, compared to -7 in Q3 2013. The South East remains the most confident region overall, registering a score of +52.
Confidence rose fastest in health and social work, bars and restaurants, and personal services sectors. Financial services remains the most confident sector overall.
John Allan, National Chairman, Federation of Small Businesses, said, “We’re seeing record breaking confidence from our members which suggests small firms will continue to spearhead the UK’s recovery. We want policy makers to lock in this optimism and continue to back the self employed and small businesses. As we head in to party conference season, we’ll be looking to all the political parties to spell out what they will do to encourage job creation, investment and reward entrepreneurs in the next Parliament.”
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