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Confidence of small business declines in UK
Source: Agencies |
September 18, 2012, Tuesday
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CONFIDENCE amongst small British companies fell over the summer, as weak consumer demand and a lack of credit continued to hamper firms' growth prospects, the Federation of Small Businesses said yesterday.
The FSB's "Voice of Small Business" index, based on a survey of nearly 2,600 companies, dropped almost six points to -4.5 in the third quarter, with confidence declining in 10 out of 12 British regions.
The business services sector and small manufacturers continued to perform well, but those firms that rely on discretionary spending were less confident, the FSB said. But confidence remains still stronger than in the fourth quarter of 2011, when escalation of the eurozone debt crisis pushed Britain back into recession.
Finance minister George Osborne has launched a number of initiatives to get credit flowing through the economy, though he has rejected calls to loosen his flagship austerity program, aimed at erasing the country's huge budget deficit. The government has also announced the creation of a state-backed business bank though details are still unclear.
The FSB's "Voice of Small Business" index, based on a survey of nearly 2,600 companies, dropped almost six points to -4.5 in the third quarter, with confidence declining in 10 out of 12 British regions.
The business services sector and small manufacturers continued to perform well, but those firms that rely on discretionary spending were less confident, the FSB said. But confidence remains still stronger than in the fourth quarter of 2011, when escalation of the eurozone debt crisis pushed Britain back into recession.
Finance minister George Osborne has launched a number of initiatives to get credit flowing through the economy, though he has rejected calls to loosen his flagship austerity program, aimed at erasing the country's huge budget deficit. The government has also announced the creation of a state-backed business bank though details are still unclear.
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