Almost one in four business owners have cut jobs, says FSB

The number of small firms cutting jobs is at an all-time high, with many businesses pessimistic about the outlook in the coming months, a study suggests.
The pandemic has caused disruption to the global economy.The pandemic has caused disruption to the global economy.
The pandemic has caused disruption to the global economy.

Almost one in four of 1,400 business owners surveyed said they had reduced headcounts over the last three months.

The Federation of Small Businesses (FSB) said its research indicated that business expectations of future performance were “increasingly polarised”.

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More than one in five respondents said they expected their performance to be “much worse” over the coming quarter, while around one in eight predicted improvements.

Three out of four said coronavirus was still having a negative impact on their confidence levels.

FSB chairman Mike Cherry said: “The majority of small business owners have benefited from the Government’s emergency support measures but many have not.

“We urgently need to see the Treasury outline how it intends to support those who have been left out, not least company directors and the newly self-employed.

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“Additional help for those who are being forced to stay closed while others reopen is also a must.

“We have to avoid a scenario where those who’ve received support are able to navigate choppy economic waters over the months ahead while others are left to sink.”

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