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Small firms hold growth potential for 2014

30 Dec 2013

Small businesses in the UK are increasingly optimistic about their future prospects going into the New Year, according to the 'Voice of Small Business Index' from the Federation of Small Businesses (FSB).

The measure of confidence reported amongst smaller firms in the Small Business Index has grown for the fourth consecutive quarter, as well as showing a year on year improvement, up 27.2 points from the fourth quarter last year.

The 2013 Autumn Statement held some good news for businesses, when the Chancellor announced a number of measures to help smaller firms, including a cap on business rates increases and an extension of the small business rate relief scheme.

Rob Harbron, chief economist at the Centre for Economic and Business Research (CEBR) said, 'Overall, the findings of the latest Voice of Small Business survey paint a promising picture of the outlook for the UK economy over the short-term' but remarked that 'some risks to the economic outlook remain'.

John Allan, National Chairman of the FSB expressed the same opinions, commenting that 'Confidence has been in positive territory for a full year, giving economic growth solid foundations moving into 2014.' However, he also warned that the 'Government must not be complacent'.