As reported by City am, a new FSB report reveals small business confidence in London has plunged to record lows, with retail and wholesale sectors hit hardest
Confidence among small businesses in London has plummeted, reaching unprecedented lows in certain sectors, according to a new report by the Federation of Small Businesses (FSB).
The report shows that small firms’ confidence levels dropped sharply to -62.6 in the fourth quarter of 2024, a significant decline from -1.2 in the previous quarter. Outside of the pandemic, this marks the lowest level ever recorded.
Among the hardest-hit sectors, wholesale and retail businesses reported confidence levels at -94.2, while the professional, scientific, and technical industries, though less pessimistic, still recorded a concerning -40.1.
The FSB warns of ‘subdued’ growth ahead, with small businesses anticipating slower expansion. Just 43 per cent expect growth in the next 12 months, down from over half in the previous survey.
Adding to these challenges, an FSB report last month found that 90 per cent of small firms were concerned about the impact of the Employment Rights Bill, further exacerbating uncertainty in the sector.
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