Confidence amongst East Anglia's small businesses at a record low
The Federation of Small Businesses found it took a significant hit between October and December
Confidence amongst East Anglia's small businesses is at a record low.
That's according to a report from our Federation of Small Businesses, who said firms in the East were amongst the most pessimistic in the UK about future profits.
With confidence taking a hit for the third consecutive financial quarter, with the East lagging behind the UK average.
Candy Richards is our development manager and says businesses are facing a lot of issues:
"55% increased salaries in the last three months and looking forwards 62% of our small businesses expect to increase salaries in the next year. That's quite unsustainable if you're a small out-fit, who doesn't have masses of cash in the bank.
"Our small businesses really are in this perfect storm, where they are in a race to recruit and retain staff, along with dealing with significant costs in terms of inflation and energy costs".
She also told us the Government have got to communicate between with small outfits in our area:
"Government needs to work with small businesses to understand how qualifications, like apprenticeships, can really support them and help them to get new staff that they need. The key thing is that Government really needs to listen our small businesses and understand what skills they are looking for to grow".
Ms Richards concluded by saying the Government needs to re-consider their future plans:
"Government really does need to look again at that planned National Insurance contribution hike because now is not the right time to be bringing in the biggest business tax that we've ever seen. We also need to see additional support for small business in terms of their energy costs, currently they don't have a cap on the price they pay".