The percentage of UK small businesses expecting growth has declined for the fourth consecutive quarter, reaching 26%, a level comparable to the lockdown period of 2020. The initial growth confidence seen after the Labour Government took office has diminished over the past year. Regionally, London, North East, West Midlands, and Scotland have all reported major decreases in growth forecasts. Industry-specific trends reveal slight recoveries in manufacturing and construction while the agriculture, hospitality, and leisure sectors are showing steep declines in growth expectations.
The percentage of UK small businesses predicting growth has fallen for the fourth consecutive quarter, plummeting to the low levels seen during the lockdown era of 2020, according to new research from Novuna Business Finance.
A year on from the Labour Government taking office, the immediate 'Election Bounce' in small business confidence has fallen every quarter since - this month hitting a new five-year low of 26%.
In London, typically the UK's engine room of confidence in small business growth forecasts, there was a sharp fall in the percentage of enterprises predicting growth in the next three months, falling from 48% to 37%.
By industry sector, the growth picture for the next three months was mixed: whilst growth outlook in manufacturing and construction sectors showed modest recovery, significant falls were noted in real estate and hospitality.
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