LONDON, Aug. 9, 2024
/PRNewswire/ -- The percentage of small business owners predicting
growth has hit its highest level for more than two years, after a
period of slow decline since the start of 2022.
The new small business survey, commissioned by Novuna Business
Finance during the fortnight immediately after the General
Election, revealed that 35% of UK small business owners are
predicting growth for the next three-months - a rise from 30% for
the previous quarter.
Sector findings:
Across nine industry sectors, this
quarter sees a rise in the percentage of small businesses
predicting growth for the next three months (up to 30 September).
Compared to the three months leading up to the General Election,
there are significant rises in growth predications reported in:
Construction (from 15% to 36%), Agriculture (from 28% to 40%),
IT/Telecoms (28% to 38%) – and also a welcome boost for the Retail
sector (rising from 26% to 37%). Overall, small businesses in the
Finance, Agriculture and Media sectors were most likely to be
predicting growth over the next three months.
Regional findings:
Across nine UK regions, the new
July data from Novuna Business Finance reveals a rise in the
percentage of small businesses predicting growth. Confidence was
strongest in London, with 49%
predicting growth for the next three months. There were also
significant quarter-on-quarter rises for small businesses based in
the East (up from 36% to 43%), Scotland (up from 27% to 34%), Wales (up from 15% to 32%), the North East (up
from 19% to 31%) and the East
Midlands (up from 24% to 32%)
Jo Morris, Head of Insight at
Novuna Business Finance commented: "At Novuna Business
Finance, our Business Barometer study has been tracking the growth
outlook of small business owners every quarter for more than a
decade now. The results over time show a remarkable consistency
quarter-on-quarter, with outlook seldom changing significantly over
a short period of time. Our latest research results represent the
biggest quarter-on-quarter swing in growth outlook since the spring
of 2021. Supporting a summer of resurgent business confidence, we
at Novuna Business Finance are working to provide flexible tailored
financial solutions that help established small businesses to
achieve their true potential."
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