“The crucial factor here is likely to be consumer confidence and consumer demand. This has clearly taken a severe hit in recent months, but may recover if inflation reduces and real incomes return to growth.
Martin McTague, the national chair of the Federation of Small Businesses , echoes Portes’ sentiments and believes more needs to be done for small businesses in light of the cost of living crisis. He said: “Small businesses are already in very difficult times which look set to be prolonged without targeted support to ease the cost of doing business crisis. If we continue as we are, we’re on the brink of a 15-month economic slowdown.
“The self-employed and small business owners were a crucial vehicle of recovery after the last recession. Small firms are having to deal with surging costs, on top of staff shortages, increasing input price inflation, rapidly rising energy costs, emergency debt repayments kicking in, and tax increases, affecting their ability to steer us away from a recession.
“The impact of the energy crisis, covid recovery , rise in cleaning costs, paying staff more due to the increase in minimum wage, and Brexit for importing parts needed for maintenance, has left us yet again, fighting for survival. “Additionally, we see more customers deviating from a traditional fixed to embrace a flexible procurement strategy.”“Understandably businesses are generally being more cautious in their approach.
The 'i' is a Fabian toilet roll, wholly uninterested in small businesses or entrepreneurialism generally. I wonder what motivates their sudden and belated concern...
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