Home Business News New GDP figures a concern for small businesses

New GDP figures a concern for small businesses

by LLB Reporter
13th Jan 20 4:26 pm

New figures out today have highlighted the ongoing concerns over the state of the British economy with GDP rising by 0.1% in the three months to November, but with the month of November itself seeing a sharp 0.3% drop.

Meanwhile production output decreased by 0.6% for the three months to November 2019, compared with the three months to August 2019. And the total trade surplus widened by £0.6 billion.

Reacting to these latest figures, Federation of Small Businesses (FSB) National Chair Mike Cherry said, “These figures reiterate what we’ve found in our latest Small Business Index, in that small business confidence is down and after years of uncertainty, we aren’t out of the woods yet.

“Small businesses have been unable to plan, hire and grow amid political turmoil and a challenging economic landscape, so these GDP figures should act as a wake up call to politicians to ensure they stand by their election commitments, now is the time to deliver.

“The small business community must be kept front and centre when it comes to improving the state of the nation’s broadband, reforming business rates and our future trading relationship with the EU. It’s vital that we secure a pro-business trade deal which protects the three t’s, trade, talent and transition.

“Small firms are the backbone of the UK economy and this is why it’s more important than ever that they are given the support needed to invest, grow and succeed.”

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