HAVE YOUR SAY: 54% of SMBs have shelved plans for expansion - what do you think?

Small business confidence hurt by election

A snap poll by the Federation of Small Businesses has found that the uncertainties surrounding the recent election are having a negative affect on small business in the UK.

According to the survey, 54 per cent of respondents said that they would not move ahead with expansion plans for new staff, products or services, while 49 per cent said that they wanted another election in six months.

The survey also found that seventy per cent wanted the incoming government – regardless of which party it is – to reduce the budget deficit, with 52 per cent wanting cuts to be made to public spending. A further 44 per cent want to see banking system reform and 38 per cent want the government to steady the financial markets.

“These figures worryingly show that small firms have lost confidence in the economy following the outcome of the election just as the business community was beginning to recover from the downturn,” said the national chairman of the FSB, John Walker.

“At a time of economic uncertainty small businesses really need a government – of whatever make-up – to get on with the job and set out a plan for dealing with the deficit and returning the UK economy to growth.”

Do you agree with the findings? Has the election affected your business plans? Have your say below…

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