Small businesses in Yorkshire 'most optimistic' in the UK, finds FSB survey

Small businesses in Yorkshire are the most optimistic than the rest of the UK, according to the Federation of Small Businesses (FSB) Small Business Index (SBI).

The survey shows confidence for Yorkshire and the Humber at +15 this quarter, compared to the UK average of -2.5.

The survey also highlights that 41% of Yorkshire and the Humber firms have reported arise in profits, which is better than the UK average of 33%.

Over a third of Yorkshire firms are planning to increase investment over next quarter, which is again higher than the UK average of 30%.

The survey, however, also indicates that 14% of small business owners in Yorkshire plan to downsize, close or sell, up from this time last year when it was just 4%.

In addition, there is an increase in those saying their profits are down, 36% this year compared to 32% last year.

Yorkshire small businesses are also reporting increased operating costs. Two thirds claim there has been an increase in costs, with labour costs and utility bills a big factor.

Simon Williams, Yorkshire and the North East Federation of Small Businesses Chair, said: “It’s great to see Yorkshire small businesses are the most optimistic in the UK. It is also good to see that Yorkshire businesses are more likely than those in other parts of the UK to be experiencing increased profits.

“This reflects the can-do attitude we have in Yorkshire and the ability our small business owners have to spot opportunities.

“I’m particularly pleased to see that exporters are optimistic as Yorkshire has plenty to sell to the world. The FSB will continue to help small businesses reach international markets to help grow the Yorkshire economy.”

Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →