Business confidence hit in wake of Brexit vote

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Business confidence hit in wake of Brexit vote (image credit: iStock/altamira83)

The UK's vote to leave the EU has created a sense of unease among many of the nation's smaller companies, new data from the Federation of Small Businesses (FSB) has revealed.

According to the organisation's latest survey of small business attitudes in the UK, there has been a sharp fall in the proportion of firms with investment intentions during the coming year in comparison to the same survey last year.

Overall, just 12.2 per cent of respondents stated they will be funnelling additional funds into their business this year - compared to 31.9 per cent who made this claim a year ago.

FSB national chairman Mike Cherry commented: "We need ministers to take stock and roll back any plans which will make doing business more difficult or costly. This should include ending moves to introduce disruptive digital tax reporting and honouring commitments to expand small business rate relief.

"For the first time since 2009, the UK economy faces a real chance of a recession. To head this off, we need to do everything we can to support small firms to grow, create jobs and weather the harsh economic headwinds."

Mr Cherry added that policymakers in the wake of Brexit must now take affirmative and swift action to shore up business confidence and ensure the fallout from the EU referendum does not create a situation where businesses are holding back from investment over fears for the future.