The latest report from the Federation of Small Businesses (FSB) has revealed that small business confidence is growing ahead of the upcoming Budget announcement.
The results from Q1 2013 of the FSB’s Voice of Small Business Index showed an increase in confidence, moving from a negative reading of -5.6 in Q4 2012 to +6.3 in the first quarter of 2013. However, it seems small businesses remain cautious, as 54% said they expect to see growth this year compared to 56% last year.
Despite the growth in confidence, the FSB believes the government should be doing more to address the issue of business funding. It is yet to be seen what will be announced for small businesses in the Chancellor’s Budget, due on 20 March.
John Walker, National Chairman for the FSB said: “It is great news that confidence is beginning to edge up and is back in positive territory.”
However, he warned: “Two separate reports last week showed that lending to small firms remains constrained. This is something which must be addressed at the budget”