The Federation of Small Businesses (FSB) reports that Scotland’s small businesses are uncertain about their future following the vote to leave the EU . Whilst other areas in the UK have seen surges in their small business growth, Scotland’s uncertain economy and wavering demand from consumers point towards the fall in confidence.
The report released today states: “While other parts of the UK experienced a resurgence in small business confidence in the last quarter of 2016, Scotland’s firms present a far more pessimistic outlook. A general lack of certainty, both politically and with regards to the future economic environment, is also hampering firms.”
SNP opposition also blamed the poor forecast on First Minister Nicola Sturgeon’s refusal to yield on a second independence referendum following Brexit.
A separate study published by Bank of Scotland also revealed that the number of new start ups in Scotland has declined.
The bank’s managing director of retail business banking, Jo Harris, said the downward trend was “likely to be a response to the uncertain economic environment”.