The Office for National Statistics has revealed that the UK’s GDP for Q4 in 2019 was flat at 0.0%. Reacting to this news, Federation of Small Businesses (FSB) National Chair Mike Cherry, said: “Small firms right across the country will be looking to the upcoming Budget as a chance to turn things around and create a pro-business environment that encourages growth and success.
“For too long, small firms have been in the doldrums with business confidence in negative territory for the entirety of 2019.
“This negative confidence has seen small firms hold back on investments, exports and hiring intentions.
“Years of political uncertainty have an impact on productivity, and that’s evident in today’s figures.
“This Government must put the measures in place that small firms need to thrive: a pro-business free trade agreement with the EU and nations beyond, an immigration system that works for firms all sizes and an end to the debilitating impact of late payments, which almost doubled to £20 billion last year.
“The Budget next month is a chance for the Chancellor to illustrate his support for small firms that he committed to during the general election campaign.
“It’s vital that the cost of doing business, specifically when it comes to business rates protecting incentives to grow, and accelerating delivery of the infrastructure commitments outlined by the Prime Minister today are all a must.”