Small business confidence climbs in the South East, says FSB
Business confidence in the South East is climbing back into positive territory, according to a business sentiment survey by the Federation of Small Businesses.
The FSB's quarterly confidence report for the first three months of 2023 has seen a positive upsurge in confidence among the regional SMEs after near record levels of pessimism were reported for the final quarter of 2022.
Although revenue remains in negative territory at -5 per cent, it is an improvement on the -12 per cent of the last quarter. This is above the UK average of -7 per cent.
Looking forward, SMEs predict a net revenue figure of 22 per cent over the next quarter, anticipating some significant economic growth across the region.
17 per cent of SMEs increased their employment levels, and 13 per cent decreased them. This is above the predictions of the last quarter, where 11 per cent predicted an increase and 12 per cent foresaw a decrease.
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In the South East, three-quarters of small businesses increased the average salary in the last 12 months, with 70 per cent increasing the average salary by two per cent or more.
The net balance of firms looking to expand stands at 15 per cent, compared to a national average of just two per cent.
Ian Ross, FSB regional chairman in the South East, said: “Hopefully these findings will give us a reason to cheer. These positive statistics show that supporting small business matters. Despite the economic backdrop, they are investing, they are recruiting, and they are continuing to drive our economy forward.”
