Monday, May 10, 2021

East Midlands small business confidence rebounds to highest level in UK

Confidence levels amongst small businesses in the East Midlands are the highest in the UK, according to the latest study by the Federation of Small Businesses (FSB).

With trading restrictions having now eased across England and Wales, the business group reports that its SBI confidence measure for the region has risen to +50 in Q1 of this year, up from -23 last quarter. The region’s confidence figure stands significantly higher than the UK average of +27.3.

As the lockdown continued to scupper spending opportunities across the UK, more than half of small firms (51%) in the region reported a decrease in revenue over the last three months.

Looking ahead, more than half (55%) do expect revenues to increase over the next quarter. Promisingly, more than half (54%) of the region’s businesses also aspire to grow their firms over the next 12 months.

The figures also show that 39% increased the average salary across their business over the last 12 months, with 33% increasing wages by 2% or more. Just over half (53%) expect to see salary increases over the next 12 months, with 26% reporting the likely increase to be above 2%.

FSB East Midlands Policy Representative, Businesswoman Clare Elsby, said: “With surging levels of optimism and upticks in three critical business areas – confidence, employment and wages, and future growth – small businesses in the East Midlands are feeling positive about their future.

“The swift roll-out of the COVID-19 vaccine and the strong ‘roadmap’ out of crippling restrictions are likely to be behind the boost in optimism and it is heartening to see SMEs across the region report that business confidence is now at its highest since the pandemic began.

“While net revenue is currently somewhat stubbornly stagnant in our area, there are certainly green shoots of recovery and the overall picture of recovery for the East Midlands is looking bright.

“We live in hope that the virus stays in retreat so the remaining indicative dates for unlocking can be met, enabling our vital night time economies, offices and travel and tourism businesses to get back to it as well.”

A message from the Editor:

Thank you for reading this story on our news site - please take a moment to read this important message:

As you know, our aim is to bring you, the reader, an editorially led news site and magazine but journalism costs money and we rely on advertising, print and digital revenues to help to support them.

With the Covid-19 pandemic having a major impact on our industry as a whole, the advertising revenues we normally receive, which helps us cover the cost of our journalists and this website, have been drastically affected.

As such we need your help. If you can support our news sites/magazines with either a small donation of even £1, or a subscription to our magazine, which costs just £33.60 per year, (inc p&P and mailed direct to your door) your generosity will help us weather the storm and continue in our quest to deliver quality journalism.

As a subscriber, you will have unlimited access to our web site and magazine. You'll also be offered VIP invitations to our events, preferential rates to all our awards and get access to exclusive newsletters and content.

Just click here to subscribe and in the meantime may I wish you the very best.

Latest news

Related news

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.