Confidence amongst the UK’s small businesses has fallen into negative territory for the first time in four years, according to a new survey released tomorrow [Thursday 22 September 2016] by the Federation of Small Businesses.
The latest FSB Small Business Index, which measures confidence among small businesses, has fallen to -2.9 in the third quarter of 2016. This is the second largest year-on-year fall in confidence in the Index’s history, with the largest drop occurring in the previous quarter of 2016 (Q2). Confidence has now fallen for the last three quarters in a row.
Commenting, Chuka Umunna MP, Chair of Vote Leave Watch, said:
“Three months after the referendum was held, the economy’s Brexit cold is still getting worse.
“This is disastrous news for our whole economy. This loss of confidence – the second largest year on year fall ever – will have profound effects on jobs, investment and growth across Britain.
“Leaver champions like Boris Johnson and David Davis need to explain to the British people why warnings they dismissed out of hand are turning out to be all too true.”