A record one in three small businesses in the UK expect to cut operations, sell up, or collapse within the next 12 months, according to the Federation of Small Businesses. Net confidence has plunged to -58 in the third quarter, down from -44 previously. The second lowest reading since the pandemic…
With 6% of small firms expecting to close their doors over the next year, that’s a staggering 300,000 businesses potentially going insolvent under Labour. FSB policy chair Tina McKenzie warned:
“Millions of small businesses shrinking, closing, or selling up instead of growing means a vicious cycle of a lower tax take, higher unemployment, and greater demands on the state all exacerbating each other in a downward spiral. The Chancellor’s Budget speech will be a make-or-break moment for small businesses.”
All this comes as the (un)Employment Rights Bill becomes law. Shadow Business Secretary Andrew Griffith added: “Ahead of Halloween, Rachel Reeves is the economic grim reaper leading to record number of small businesses saying they fear having to downsize or shut up shop entirely.” Remember when Starmer said small businesses were “the backbone of the UK economy”?
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