Confidence among small and medium-sized businesses in the South West has rebounded dramatically, according to the latest report from Britain's biggest business body.
The Federation of Small Businesses (FSB)'s first regional quarterly confidence report of 2024 shows local member confidence has increased by more than 40 percentage points, to its highest level since October 2021.
Confidence in the region has increased significantly, with the South West, the least positive region of the UK in many recent FSB reports, now exceeding the UK average.
In addition to the good news on confidence levels, almost half of SMEs surveyed in the South West said their growth aspirations over the next 12 months were to grow 'rapidly or moderately', with more Corporate managers answered that they aim for growth. The next quarter will require more layoffs than layoffs.
The report still reveals several concerns. Small business owners in the South West had the lowest potential future investment appetite levels in England, with 15% of small businesses in the region saying they intended to 'sign up' within the next 12 months (but The overall mood of the report is the most positive in more than two years.
FSB South West Chairman lee nathan welcomed the report's overall positive news on the region's positivity.
He said: “Our quarterly reports are a very important indicator of the mood of the local small business community, but for too long we have seen disappointing numbers.
“So it's really gratifying to see such a dramatic change in early 2024, and that it suggests that we may finally be turning a corner of sorts. I hope.”