Support needed for SMEs as confidence declines

Small businesses are crucial to the UK economy. According to the Federation of Small Businesses (FSB), there were 5.8 million small businesses at the start of this year, up 3.5% on last year. Although this may seem like a small increase, this data means that SMEs now account for 99.9% of the UK’s business population also accounting for three fifths of employment in the UK private sector and around half of its turnover.