Small firms 'hugely important to UK economy'

Small businesses are "hugely important in driving the UK economy", according to's director Emyr Williams.

Encouraging business owners across the country, Mr Williams said: "As the bloated public sector is shrunk it's vital that small businesses are there to provide employment and stoke the engine of the economic recovery."

He noted that the coalition is more "pro-business" than the previous government, which should give business owners more confidence.

The latest Business Factors Index from Bibby Financial Services revealed that although business output fell by 12.4 points during the second quarter of the year, many still remain confident about the year ahead.

Over two-thirds of small and medium-sized firms responded positively to how their business is faring, it stated, while 17 per cent even said that their business is doing well or has benefited from the recession.

Mr Williams eased the concerns of business owners who might not be faring so well, stating that government cuts will "drag on the economy in the short-term but it will lead to a healthier economy in the long-run".

Posted by Morag Lyall

Published on: July 29, 2010

Did you like this article? Share it!