UK Small Business Confidence at Pre-Brexit Levels

The last quarter saw small businesses in the U.K. regain their confidence to pre-referendum levels but the falling pound is driving up costs and crimping profits, according to the Federation of Small Businesses (FSB).

The FSB’s Small Business Index has now turned positive, with the headline confidence measure at +8.5 compared to -2.9 in the previous quarter. At the beginning of 2016, before the U.K. voted to leave the European Union, the headline confidence measure was +8.6.

“We are delighted to see confidence bounce back at the end of 2016, effectively wiping out the fall we saw over the course of the year in the run-up to the EU referendum and its immediate fallout,” Mike Cherry, the FSB’s national chairman, said in a statement on Wednesday.

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.