15 Apr 2024
The Federation of Small Businesses (FSB) has urged the government to ensure that small business growth is 'nurtured rather than left to wither'.
The FSB responded to figures published by the Office for National Statistics (ONS), which showed that GDP rose by 0.1% in February 2024 when compared to the previous month.
The business group has urged the government to consider how it intends to support existing businesses, especially in sectors which have been hit hardest by rising costs and strong headwinds.
According to the FSB, politicians must create 'bold and ambitious' plans to help small businesses grow, access finance, take on staff and deliver day in, day out for communities across the UK.
Commenting on the matter, Tina McKenzie, Policy Chair at the FSB, said: 'There are signs of cautious recovery among the small business community – but it is important to emphasise that this is not evenly distributed between sectors.
'It will take more than flashes of growth to raise spirits in the hospitality and retail sectors, for example, whose confidence scores were way below the headline figure for all businesses at the end of last year, according to our Small Business Index.
'Now the government needs to ensure that growth among small firms is nurtured, rather than left to wither.'