CONFIDENCE among small businesses in Scotland has plummeted amid rising costs, according to a new survey.
The latest index from the Federation of Small Businesses (FSB) found business optimism in Scotland fell to -15.2 points in the third quarter of the year, from -3.8 points in the previous three months. Over the same period the equivalent UK figure dropped 13.9 points to +1 point.
FSB Scottish policy convener Andy Willox said: “Businesses in Scotland have been pessimistic about prospects for the last seven quarters. While we saw a slight uptick earlier this year, this quarter business confidence in Scotland, and across the UK, has taken a hit.
“Rising inflationary pressure and a weakening domestic economy are the twin drivers of plummeting confidence among UK businesses.
“Scottish small firms will be looking to the Chancellor to extend a lifeline at the Budget. In such a difficult trading environment, new tax grabs and loss of reliefs for entrepreneurs will exacerbate existing challenges.”
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