FSB VOICE OF SMALL BUSINESS INDEX - QUARTER 1, 2021
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Q1
FSB VOICE OF
SMALL BUSINESS INDEX
QUARTER 1, 2021
@fsb_policy
fsb.org.ukQ1 2021 FSB Small Business Index
SBI Q1 2021
Small business confidence rebounds to highest point since
2015 as shops re-open in England and Wales
50
+27.3
Small Business Index
25
0
-5
-25
-32.6
-50
-49.3
-75
Q2 2020 Q3 2020 Q4 2020 Q1 2021 +19
Half of firms forecast
increased revenues
+12 +39
+32
51%
expect an improvement next quarter
+50
+39
+34 +38
Majority hope to grow
+14
+20
+39
OPEN
OPEN OPEN OPEN
53%
Aspire to expand operations over next year Small business
confidence by sector
Exporters suffer fall in sales Arts, entertainment
& recreation +7
Information & communication +10
Accommodation & food
service activities +15
Retail +24
47% Construction
Manufacturing
+36
+37
report reduction over last quarter
0 5 10 15 20 25 30 35 40
Contents 2fsb.org.uk
CONTENTS
FSB Foreword . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4
Economist’s view . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
FSB executive summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
UK macroeconomic overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Small business index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
Regional small business indices . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Small business sector indices . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
Financial performance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
Exports . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
Costs and inflation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
Capacity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
Employment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
Growth aspirations and challenges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26
Credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29
Investment and productivity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33
Methodology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35
3Q1 2021 FSB Small Business Index
FSB FOREWORD
The word unprecedented has been a go to for They include the persistently high non-wage costs of
economic and political commentators for all the employment – chiefly the jobs tax that is employer
wrong reasons over the past year. The economic national insurance contributions – which serve as
shock suffered by small firms and the self-employed a barrier to both keeping people on and creating
since last Spring, as well as the measures installed by vacancies. One in seven business owners with
governments to help them manage it, are unheard of staff fear redundancies over the coming months as
in modern peace time. the furlough scheme winds down. When cashflow
tightens, the ability to recruit or maintain employment
As we head into the summer, we live in hope that
is further undermined.
the term can also be applied to an altogether more
positive development: rebounding commercial activity Cashflows are also profoundly affected by the UK’s Mike Cherry,
as trading restrictions ease. deepening £23bn late payment crisis, with more National Chairman
corporations treating suppliers like free credit lines
The UK Small Business Index has finally returned to
as sales dry up, imbuing their supply chains and the
positive territory after more than two years, posting
economy as a whole with stress and vulnerability.
its highest reading since the autumn of 2014. The
majority of small business owners expect their In the meantime, a lot of small firms that export have
performance to improve, revenues to increase and been hit with unfamiliar rules of origin and custom
the size of their firm in the round to grow over the declaration paperwork as a new trade deal with the
months ahead. EU takes full effect. A quarter have halted sales to the
bloc for the time being, with some already opting to
It is absolutely crucial that this optimism is now
throw in the towel permanently rather than spend time
converted into cashflow. Cash reserves in many small
and money on the paperwork now required to reach
businesses are now perilously low and many are
clients across the Channel.
submerged in debt, with repayments on government-
assisted loans about to start. These pressures are felt In short, confidence has returned for the majority, Martin McTague,
at a moment when broader demand remains weak, but for this to remain so we must make sure that National Vice Chair,
and will do so until the unlock process is complete. cashflows recover in the next quarter. Policymakers Policy and Advocacy
cannot afford to treat this rebound as job done.
It’s been a torrid twelve months, but a combination of
We continue to engage with them regarding our
critical government assistance, community support
recommendations for lowering operating costs,
and rapid innovation by business owners has
getting firms paid on time and helping more of them
helped many to get to a point where they can now,
to export, making them more innovative and profitable
tentatively, start to plan for the future again.
in the process.
That increased certainty is key. There’s no use in
We’re also stressing the need to support those
having another summer mini boom if it’s followed by
thinking about launching an enterprise for the first
the same chopping and changing we had last autumn
time as the economy shifts.
and in the run-up to the vital Christmas trading period.
Better to unlock more slowly and get it right than rush Small firms and the self-employed played a
and fail to learn the lessons of history. A repeat of fundamental role in our economic recovery after the
last year’s chaos would spell the end for many great last recession, not least through business creation.
businesses. If we want them to do so again then policymakers
should help them capitalise on this burst of
It’s also important to stress that optimism was in
confidence with an ambitious evolution of business
short supply even before the pandemic struck. The
and start-up support. Only then can we pave the
challenges faced then are faced still.
way for an economic bounce back like none ever
witnessed before.
Contents 4fsb.org.uk
ECONOMIST’S VIEW
Small business confidence has seen a dramatic In line with the evidence of a stronger manufacturing
improvement in Q1 2021 as SMEs across the countries sector, the East and West Midlands are the two
have pinned their hopes on the roadmap out of regions with the highest SBI scores this quarter at
lockdown, expecting a substantial improvement 50.0 and 39.1, respectively. At the bottom of the
in trading conditions in the coming months. The regional ranking, we see that small business optimism
FSB Small Business Index (SBI) rose to 27.3 in the is less pronounced but still positive in London
first quarter of this year, the highest level since Q2 with a score of 13.5 and Scotland at 18.8. More so
2015. Looking at the year-on-year growth reveals an than any other region, London has seen a massive
even more dramatic increase of 170.7 points, as the displacement of economic activity over recent months
baseline is now Q1 2020 when the pandemic led to as millions of commuters were working remotely, Kay Daniel Neufeld,
the first national shutdown and, subsequently, the depriving many of the capital’s small businesses of Head of
steepest decline in economic activity on record. Given their regular revenues. Macroeconomics,
the forward-looking nature of the SBI, which asks Cebr
In the coming months, the economic fortunes of
SMEs about their expected business performance
the UK’s small businesses will continue to depend
over the next three months, it is reasonably safe to
to a substantial degree on progress made in
say that UK businesses are very optimistic about
fighting coronavirus case numbers. However, with
their outlook. Moreover, there is a sense of hope that
infection and death rates falling and vaccinations
the country will be able to get on top of the virus in
being administered faster than in most comparable
a more definitive manner, helped by the successful
countries, there is a sense that the planned easing
vaccination campaign which targets giving UK adults a
of restrictions in the spring and summer is indeed
jab by the end of July.
the beginning of a return to normality rather than
In line with the road map, non-essential businesses yet another false dawn. Businesses and consumers
have been allowed to reopen in mid-April together alike seem keen to seize the opportunities of the
with outdoor hospitality and a number of other service coming months and we expect this to be reflected in
businesses such as hairdressers and nail salons, a temporary boom in consumer spending and higher
that have been forced to close since January. In the levels of employment. Having said this, businesses
following months, restrictions on social gatherings and will face tough decisions in Q4 of this year when
other businesses will be gradually lifted further if the the furlough scheme is finally wound up, potentially
virus remains under control. This expected easing of leading to a large spike of redundancies.
restrictions explains the large gains seen in the SBI
for businesses in the accommodation & food services
sector, the arts & entertainment sector and the retail
industry which saw increases of 123.1, 105.7 and 103.7
points, respectively. Nevertheless, the most optimistic
sector in Q1 2021 is the manufacturing sector
which has shown greater resilience throughout the
lockdown months and also benefits from an improving
global economic outlook.
5
Q1 ContentsQ1 2021 FSB Small Business Index
FSB FSB
VOICE EXECUTIVE
OF SUMMARY
SMALL BUSINESS INDEX
Key findings this quarter:
• The Small Business Index (SBI) increased by 76.6 points between Q4 2020 and Q1 2021,
marking the first rise in the index since Q2 2020. The index now stands at 27.3, the first
positive index reading since Q2 2018.
• Unanimous positivity across all regions was observed on the latest round of the Small
Business Index. The East Midlands, West Midlands and North West stand out as the areas
with the highest rate of business confidence in Q1.
• All major industries returned to optimism on the latest round of the SBI, after two quarters
of unanimous pessimism in Q3 and Q4 2020. Accommodation and food services saw the
largest rise in optimism. Meanwhile, the manufacturing sector saw the highest SBI score in Q1
2021, of 36.9.
• More than half of small businesses experienced a fall in revenues over past three months
in Q1. A negative net balance was witnessed in all of the UK’s constituent regions and
countries, showing that weak revenues were experienced nationwide.
• There was a fall in the net balance of exporters reporting growth in the value of their
exports in Q1 2021 with the figure standing at -28.4%, down from -16.0% in Q4 2020. Looking
ahead to the next quarter, more firms anticipate an improvement in the export landscape than
was the case in the previous round of the SBI, with the net balance of firms expecting growth
in export values standing at -9.8%, up from a net balance of -29.0% in the previous report.
• The net balance of small businesses reporting an increase in operating costs fell in Q1, to
23.3%, having previously stood at 27.7% in Q4 2020. This is down by 25.9 percentage points
compared to Q1 2020. Of the different categories of business costs, fuel saw the largest
increase. The proportion of firms citing fuel as a main source of cost increases stood at 19.3%,
representing an uptick of 4.3 percentage points between Q4 and Q1. Energy prices have been
rising recently, with the recovery of global oil prices being a key contributing factor.
• Only 12.5% of survey respondents reported cuts to the size of their workforce in Q1, down
from 22.3% in Q4 2020, marking a significant improvement. This is the lowest figure seen
since 2019, highlighting the impacts of the CRJS scheme in protecting jobs. Looking ahead,
the net balance of expectations stands at +12.0%, suggesting that the easing of restrictions on
the economy is likely to cause an associated rise in employment.
• The share of businesses aspiring to grow increased by the most on record this quarter,
with the share of businesses saying that they are aspiring to grow over the next 12 months
increasing from 39.9% in Q4 2020 to 52.7% in Q1 2021.
• The domestic economy and consumer demand are the two most commonly cited options
when considering potential barriers to growth. The foreign economy became less of a
concern to businesses in Q1, which might be partially explained by the conclusion of the Brexit
deal, which was agreed in the final days of 2020, removing the danger of a more disruptive
no-deal outcome.
• Credit availability and affordability indices improved compared to the previous quarter in
Q1, but remain below the record levels seen in Q3 2020. 35.2% of SMEs said that the overall
availability of new credit for small businesses was very good or quite good in Q1, up from
29.3% in Q4 2020.
Contents 6fsb.org.uk
UK MACROECONOMIC OVERVIEW
Q1 lockdown causes dip in output, but hope for home businesses relies on
government roadmap
Q1 2021 was marked by a return to lockdown for the Looking ahead, the near-term outlook is fairly
majority of the quarter. On 4th January, England was optimistic, with shops, hairdressers and outdoor
placed into a strict lockdown, with Wales, Scotland hospitality having opened in mid-April, allowing many
and Northern Ireland taking similar measures. businesses to start to see revenues for the first time
These restrictions only started to ease at the end since December. Additionally, with social distancing
of the quarter, with schools in England opening on policies already in place from when businesses
8th March, but non-essential retail and hospitality were open in 2020, the easing of restrictions from
businesses remaining closed. this lockdown will be simpler logistically for most
enterprises.
The forced closure of many businesses for the
entirety of the first three months of 2021 has been a Keen to support the economy as restrictions ease,
strain on the economy, with millions of workers placed the Chancellor’s Budget Statement on 3rd March
back on the furlough scheme as their employer faced made various provisions for businesses affected by
little or no demand especially in sectors dependent lockdown. In particular, non-essential retail businesses
on social contacts. However, the impact of the third will get up to £6,000 per premise through the Restart
lockdown in England does not appear to have had as Grant scheme to help them reopen. Businesses which
negative an impact as the first, with retail sales seeing are planned to open in May will get even more, at
a smaller contraction and monthly GDP data showing £18,000 per premises. The extension of the furlough
that the decline in output in January 2021 was much scheme to the end of September, also announced
smaller than in April 2020. in the budget, will have been a lifeline for many
businesses which would not have been able to pay
One source of consumer and business optimism
their workers if the scheme had ended in April.
amid the third English lockdown has been the
successful rollout of vaccines to the most at-risk Yet, there are concerns about another wave of
groups of individuals. The Government met its target coronavirus cases on continental Europe and the
to vaccinate 15 million people by mid-February and emergence of new strains of the virus, which could
has since gone on to provided doses to millions more spread to UK shores and threaten the easing of
individuals. As more individuals are protected from coronavirus restrictions into Spring and Summer.
the effects of the virus, the chances of the economy Therefore, while businesses have much to hope for as
opening up successfully increase. we exit the latest lockdown, risks to future revenues
from coronavirus do still remain.
Figure one: Monthly growth rates by sector of the UK economy, latest three months on previous three months
Source: Office for National Statistics.
50%
40%
30%
20%
10%
0%
-10%
-20%
-30%
-40%
-50%
Jan 2017
Mar 2017
May 2017
Jul 2017
Sep 2017
Nov 2017
Jan 2018
Mar 2018
May 2018
Jul 2018
Sep 2018
Nov 2018
Jan 2019
Mar 2019
May 2019
Jul 2019
Sep 2019
Nov 2019
Jan 2020
Mar 2020
May 2020
Jul 2020
Sep 2020
Nov 2020
Jan 2021
Manufacturing Construction Total service industries
7 ContentsSMALL BUSINESS INDEX
Small Business confidence rises to highest level since Q2 2015
The Small Business Index (SBI) increased by 76.6 Early views on the lockdown’s impacts on the
points between Q4 2020 and Q1 2021, marking the remainder of the quarter can be inferred from the UK
first rise in the index since Q2 2020. The index now Purchasing Managers’ Index, with both the services
stands at 27.3, the first positive index reading since and composite PMIs standing in contractionary
Q2 2018. The index has also not been higher than territory during February at 49.5 and 49.6,
its current reading since Q2 2015 – 23 quarters ago. respectively. However, optimism about the roadmap
Despite the harsh trading conditions in Q1 2021, much out of lockdown allowed a pickup in activity in March
optimism will have been drawn from the success of when business activity across the UK private sector
the UK’s vaccine rollout and the prospect of a return increased and the rate of expansion was the fastest
to more normal trading conditions in the coming for seven months. This was fuelled by a rise in new
months. orders for the first time since September 2020, taking
the UK composite output index to 56.6 in March.
The implementation of a lockdown by the
Government in order to curtail coronavirus cases Further optimism in March will have been fuelled
brought about an inevitable reduction in economic by the policies announced by the Chancellor of the
output. UK GDP fell by 2.9% in January 2021, Exchequer in the Budget, including the extension
compared to the month before, taking GDP to 9.0% of the Coronavirus Job Retention Scheme (CJRS),
below the pre-pandemic levels seen in February which continues to support employment and keep
2020. However, the fall in January was far smaller redundancies at a relatively low level compared to the
than the first national lockdown in April 2020, when scale of the economic contraction.
GDP contracted by 18% in a single month.
Figure two: The FSB Small Business Index1: small business prospects over coming three months
Source: FSB - Verve ‘Voice of Small Business’ Panel Survey.
50
41
38
30
22 20 27
21.6 18 13
10 6.7
-3.6
-5 -5
-5.6 -3 -3
-10
-10
-22
-24.5
-30
-32
-50
-49
-70
-90
-110
-130
-143
-150
Q3 2010
Q4 2010
Q1 2011
Q2 2011
Q3 2011
Q4 2011
Q1 2012
Q2 2012
Q3 2012
Q4 2012
Q1 2013
Q2 2013
Q3 2013
Q4 2013
Q1 2014
Q2 2014
Q3 2014
Q4 2014
Q1 2015
Q2 2015
Q3 2015
Q4 2015
Q1 2016
Q2 2016
Q3 2016
Q4 2016
Q1 2017
Q2 2017
Q3 2017
Q4 2017
Q1 2018
Q2 2018
Q3 2018
Q4 2018
Q1 2019
Q2 2019
Q3 2019
Q4 2019
Q1 2020
Q2 2020
Q3 2020
Q4 2020
Q1 2021
1. The Small Business Index is a weighted index of the responses to the question: ‘Considering your overall business performance, and ignoring any normal seasonal
variations at this time of the year, how do you view business prospects over the next three months, compared with the previous three months?’ The share of firms
reporting ‘much improved’ are given the following weightings: +2, slightly improved +1, approximately the same 0, slightly worse -1 and much worse -2; the Small
Business Index is derived from the sum of these factors.
Contents 8fsb.org.uk
The impact of the Q1 lockdown, which has shut SBI. However, positive news in the form of the vaccine
thousands of businesses and curtailed movements rollout and continued government support in the form
and social interactions among Brits, means that it of the CRJS will have added to business confidence
comes as a surprise to see the most positive business and give hope for a forceful economic recovery in the
sentiment in nearly six years on the latest round of the coming months.
Figure three: Year-on-year change in the FSB Small Business Index.
Source: FSB - Verve ‘Voice of Small Business’ Panel Survey.
200
170.7
150
100
50 38.0
29.4
18.9
4.1 7.5 11.4 3.8
1.0 4.0
0
-2.5 -11.3 -7.0 -2.8
-14.0 -7.4 -11.7
-20.7 -23.2 -21.7 -24.5
-50 -33.6 -27.7
-100
-150 -138.4
-200
Q2 2011
Q3 2011
Q4 2011
Q1 2012
Q2 2012
Q3 2012
Q4 2012
Q1 2013
Q2 2013
Q3 2013
Q4 2013
Q1 2014
Q2 2014
Q3 2014
Q4 2014
Q1 2015
Q2 2015
Q3 2015
Q4 2015
Q1 2016
Q2 2016
Q3 2016
Q4 2016
Q1 2017
Q2 2017
Q3 2017
Q4 2017
Q1 2018
Q2 2018
Q3 2018
Q4 2018
Q1 2019
Q2 2019
Q3 2019
Q4 2019
Q1 2020
Q2 2020
Q3 2020
Q4 2020
Q1 2021
Figure four: UK SBI against year-on-year UK GDP growth.
Source: ONS, FSB - Verve ‘Voice of Small Business’ Panel Survey.
60
40 10.0
20
0 0.0
-20
-40 -10.0
-60
-80 -20.0
-100
-120 -30.0
-140
-160 -40.0
Q1 2011
Q2 2011
Q3 2011
Q4 2011
Q1 2012
Q2 2012
Q3 2012
Q4 2012
Q1 2013
Q2 2013
Q3 2013
Q4 2013
Q1 2014
Q2 2014
Q3 2014
Q4 2014
Q1 2015
Q2 2015
Q3 2015
Q4 2015
Q1 2016
Q2 2016
Q3 2016
Q4 2016
Q1 2017
Q2 2017
Q3 2017
Q4 2017
Q1 2018
Q2 2018
Q3 2018
Q4 2018
Q1 2019
Q2 2019
Q3 2019
Q4 2019
Q1 2020
Q2 2020
Q3 2020
Q4 2020
Q1 2021
Small Business Index (LHS) Year-on-year GDP growth (RHS)
9 ContentsREGIONAL SMALL
BUSINESS INDICES
Contents 10fsb.org.uk
SMALL BUSINESS INDEX TURNS
POSITIVE FOR ALL OF THE UK’S
CONSTITUENT REGIONS AND
COUNTRIES
Unanimous positivity across all regions was observed As a devolved nation, Scotland has managed its
on the latest round of the Small Business Index, after own response to the pandemic, meaning restriction
two quarters of negativity across all 12 regions. As measures have differed slightly to the rest of the
such, all regions saw an improvement in the latest UK. Scotland has the second-lowest level of SBI
quarter, with the North West seeing the largest rise in confidence, at 18.8 in Q1, although it also reported
the index reading. the second-largest rise compared to the Q4 reading
(an increase of 87.8 points). Scotland has announced
The East Midlands, West Midlands and North West
a relatively slower path out of lockdown, with non-
stand out as the areas with the highest rate of
essential retail opening two weeks after the planned
business confidence in Q1, reporting index scores
date for England.
of 50.0, 39.1 and 38.8, respectively. As with the
increase on the headline SBI measure, this large rise Businesses in London were the most pessimistic in Q1,
in optimism amongst businesses reflects the success seeing an index reading of 13.5. This can be partially
of the vaccination programme allowing for a roadmap attributed to the impact of Brexit on the large service
out of lockdown in the spring months. sector in London, with free trade in services between
the EU and UK no longer applying, since the UK
transition period ended at the end of 2020.
Figure five: FSB Small Business Index – regional variation in small business prospects over coming
three months.
Source: FSB - Verve ‘Voice of Small Business’ Panel Survey.
75%
50%
25%
0%
-25%
-50%
-75%
East Midlands
West Midlands
North West
South West
Wales
East of England
Yorkshire and
the North East
England
South East
Scotland
London
Q4 2020 Q1 2021
11 ContentsSMALL BUSINESS
SECTOR INDICES
Contents 12fsb.org.uk
OPTIMISM REBOUNDS ACROSS
ALL INDUSTRIES
All major industries returned to optimism on the latest Accommodation & food services is one of the sectors
round of the SBI, after two quarters of unanimous most severely impacted by coronavirus restriction
pessimism in Q3 and Q4 2020. Accommodation and measures. Nevertheless, it saw a 123.1 rise on the
food services saw the largest rise in optimism. SBI, to stand at 15.0 in Q1 2021. The news of grants
supplied to businesses as they reopen in this industry
The manufacturing sector saw the highest SBI score
will have brought increased financial security, as will
in Q1 2021, of 36.9. The industry has been able to
have the extension of the CRJS.
remain open to business for the third lockdown, as
those not able to work from home were permitted
to visit their workplace, as long as social distancing
restrictions are in place, which all businesses will have
adjusted to by 2021.
One industry that has faced a noticeable barrier to
activity through restriction measures is that of arts,
entertainment, & recreation. The sector’s index score
was the lowest in Q1 2021, at 7.0, although this is a
return to positive territory, after a reading of -98.7 was
observed in Q4 2020. Even though formal restrictions
were imposed through the quarter, the sector will
have become more hopeful about a reopening in
Spring and Summer, in line with the government
roadmap.
Figure six: FSB Small Business Index by sector – small business prospects over coming three months.
Source: FSB - Verve ‘Voice of Small Business’ Panel Survey.
Arts, entertainment and recreation
Information and communication
Accommodation
and food service activities
Wholesale and retail trade
Professional, scientific
and technical activities
Other
Manufacturing
Construction
-120% -100% -80% -60% -40% -20% 0% 20% 40% 60%
Q4 2020 Q1 2021
13 ContentsQ1 2021 FSB Small Business Index
FINANCIAL
PERFORMANCE
Contents 14fsb.org.uk
MORE THAN HALF OF SMALL
BUSINESSES EXPERIENCED A FALL
IN REVENUES OVER THE PAST
THREE MONTHS
The net balance of small businesses reporting the previous three months standing at -45.0%. In
revenue growth over the previous three months terms of sectoral performance, negative net balance
stood at -22.6% in the first quarter of 2021. Across the scores were witnessed in all but one sector of suitably
country, more than half (51.3%) of small businesses large sample size. The professional, scientific and
reported a fall in revenue levels during the quarter, technical activities sector saw a net balance of 4.1%,
with 37.0% reporting a significant fall of more than with 37.5% of businesses reporting an increase in
10%. The net balance figure represents a slight revenue. This sector has seen an increase in demand
improvement of 2.5 percentage points compared to for scientific and pharmaceutical research as a result
Q3 2020, when this question was last asked, taking it of the pandemic highlighting the importance of these
to the third-worst reading on record. activities.
A negative net balance was witnessed in all of the Expectations of business revenues over the coming
UK’s constituent regions and countries, showing that three months experienced a resurgence with the net
weak revenues were experienced nationwide. Across balance figure standing at 27.0%. This highlights the
the four constituent nations of the UK, businesses in optimism that businesses have about the plans for
Scotland saw the biggest fall, with the net balance lockdown easing in Q2 2021.
of small businesses reporting revenue growth over
Figure seven: Small business revenues, net percentage balance – proportion reporting/ expecting increase
less proportion reporting/ expecting decrease.
Source: FSB - Verve ‘Voice of Small Business’ Panel Survey.
40%
20%
0%
-20%
-40%
-60%
-80%
Q2 2012
Q3 2012
Q4 2012
Q1 2013
Q2 2013
Q3 2013
Q4 2013
Q1 2014
Q2 2014
Q3 2014
Q4 2014
Q1 2015
Q2 2015
Q3 2015
Q4 2015
Q1 2016
Q3 2016
Q1 2017
Q3 2017
Q1 2018
Q3 2018
Q1 2019
Q3 2019
Q1 2020
Q3 2020
Q1 2021
Q2 2021
Net balance of businesses reporting an increase in gross profit - last three months
Net balance of businesses reporting an increase in gross profit - next three months
15 ContentsQ1 2021 FSB Small Business Index
EXPORTS
Contents 16fsb.org.uk
BREXIT CONTINUES TO CAUSE
EXPORT PESSIMISM
There was a fall in the net balance of exporters report. The continued negativity results in large
reporting growth in the value of their exports in Q1 part from Brexit, after the UK-EU transition period
2021 with the figure standing at -28.4%, down from ended in December 2020. This terminated free
-16.0% in Q4 2020. Although, the Q1 2021 figure is trade in services, and added bureaucracy associated
considerably up on the figures witnessed in Q2 2020 with international trade, even though free trade in
(-52.8%) and Q3 2020 (-35.2%). goods had been agreed. Meanwhile, the prospect
of dwindling global activity amidst the ongoing
Firms anticipate a less negative export landscape
coronavirus pandemic is a further factor, putting
looking ahead to Q2 2021, however. The net balance
pressure on the demand base for the UK’s exporting
of firms expecting growth in export values stands at
businesses.
-9.8%, up from a net balance of -29.0% in the previous
Figure eight: Changes in value of exports – previous three months and expectations for coming three months;
net percentage balance, proportion reporting increase less proportion reporting decrease.
Source: FSB - Verve ‘Voice of Small Business’ Panel Survey.
20%
10%
0%
-10%
-20%
-30%
-40%
-50%
-60%
Q1 2012
Q2 2012
Q3 2012
Q4 2012
Q1 2013
Q2 2013
Q3 2013
Q4 2013
Q1 2014
Q2 2014
Q3 2014
Q4 2014
Q1 2015
Q2 2015
Q3 2015
Q4 2015
Q1 2016
Q2 2016
Q3 2016
Q4 2016
Q1 2017
Q2 2017
Q3 2017
Q4 2017
Q1 2018
Q2 2018
Q3 2018
Q4 2018
Q1 2019
Q2 2019
Q3 2019
Q4 2019
Q1 2020
Q22020
Q3 2020
Q4 2020
Q1 2021
Q2 2021
Net balance of exporters reporting growth, past three months Net balance of exporters expecting growth, next three months
17 ContentsQ1 2021 FSB Small Business Index
COSTS AND INFLATION
Contents 18fsb.org.uk
RISING FUEL PRICES PLACE
UPWARD PRESSURE ON COSTS
The net balance of small businesses reporting an The proportion of firms citing fuel as a main source of
increase in operating costs fell in Q1, to 23.3%, having cost increases stood at 19.3%, representing an uptick
previously stood at 27.7% in Q4 2020. Although, this of 4.3 percentage points between Q4 and Q1, the
is down by 25.9 percentage points compared to Q1 largest increase of any category. Energy prices have
2020. been rising recently, with the recovery of global oil
prices being a key contributing factor. Furthermore,
As was also the case in Q4 2020, the two most
looking at year-on-year comparisons in energy costs,
commonly cited sources of changing costs were
the base effect associated with the collapse of energy
labour and inputs, being selected by 26.2% and
prices in 2020, as the first wave of the Covid-19
30.1% of respondents, respectively. For a high share
pandemic took hold, will make the annual rise in costs
of businesses, labour costs have been at least
more severe in magnitude.
partly covered by the CRJS scheme. However, for
businesses which have not made use of this scheme, Taxation was quoted by 9.1% of businesses as having
or been forced to make their workers redundant, a key impact on costs. It was announced in the
wages have been rising. Growth in average total pay Budget in March that corporation tax will increase
(including bonuses) among employees for the three from its current rate of 19% to 25% in April 2023,
to months January 2021 reached 4.8%, and growth in which will lead to a rise in tax costs for businesses
regular pay (excluding bonuses) increased to 4.2%. in the coming years. However, only businesses with
This rise in the average wage rate will be increasing profits higher than £250,000 will need to pay the
costs for businesses. highest rates.
Figure nine: Small businesses reporting an increase in overall cost of operation over past three months,
compared with the same period a year ago; net percentage balance.
Source: FSB - Verve ‘Voice of Small Business’ Panel Survey.
80%
70%
60%
50%
40%
30%
20%
10%
0%
-10%
-20%
Q3 2012
Q4 2012
Q1 2013
Q2 2013
Q3 2013
Q4 2013
Q1 2014
Q2 2014
Q3 2014
Q4 2014
Q1 2015
Q2 2015
Q3 2015
Q4 2015
Q1 2016
Q2 2016
Q3 2016
Q4 2016
Q1 2017
Q2 2017
Q3 2017
Q4 2017
Q1 2018
Q2 2018
Q3 2018
Q4 2018
Q1 2019
Q2 2019
Q3 2019
Q4 2019
Q1 2020
Q2 2020
Q3 2020
Q4 2020
Q1 2021
19 ContentsQ1 2021 FSB Small Business Index
Figure 10: Main causes for changing business costs (firms may give multiple answers).
Source: FSB - Verve ‘Voice of Small Business’ Panel Survey.
35%
30%
25%
20%
15%
10%
5%
0%
Inputs
Labour
Other
Utilities
Regulation
Fuel
Rent
Financing
Taxation
Exchange rate
Q4 2020 Q1 2021
Contents 20fsb.org.uk CAPACITY 21 Contents
Q1 2021 FSB Small Business Index
BUSINESSES’ EXPECTATIONS OF
SPARE CAPACITY IMPROVE TO
LOWEST LEVEL IN A YEAR
There was a high prevalence of businesses operating On the upside, businesses’ expectations of spare
below capacity once again in Q1 2021. Businesses’ capacity in Q2 show a significant improvement.
assessments of their own capacity were largely The proportion of firms expecting to run below
unchanged from Q3 and Q4 2020. The net balance of capacity in the second quarter stands at 56.8%,
businesses running below capacity was 65.3% in Q1, down from a proportion of 70.5% expecting this in
up slightly from 64.1% and 63.7% in Q3 and Q4 2020, the previous quarter. Indeed, the net balance figure
respectively. for Q2 expectations improved by 17.2 percentage
points compared to expectations for Q1, reaching
In the latest data, 72.1% of businesses reported below
the lowest level since Q3 2019. This shows that the
capacity operations. Meanwhile, the proportion of
easing of lockdown has improved business optimism
firms operating at or above capacity, stood at 27.9%
considerably.
in Q1.
Below capacity operations were most prevalent
amongst businesses in Yorkshire and The
Humber, being cited by 75.2% of SMEs in the
region. Meanwhile, nearly all businesses in
the accommodation & food services and arts,
entertainment & recreation sectors were operating
below capacity in Q1, with this being reported by over
96% of businesses in both industries.
Figure 11: Net percentage balance of businesses running below capacity: proportion below capacity less
proportion above capacity.
Source: FSB - Verve ‘Voice of Small Business’ Panel Survey.
80%
70%
60%
50%
40%
30%
20%
10%
0%
Q1 2010
Q2 2010
Q3 2010
Q4 2010
Q1 2011
Q2 2011
Q3 2011
Q4 2011
Q1 2012
Q2 2012
Q3 2012
Q4 2012
Q1 2013
Q2 2013
Q3 2013
Q4 2013
Q1 2014
Q2 2014
Q3 2014
Q4 2014
Q1 2015
Q2 2015
Q3 2015
Q4 2015
Q1 2016
Q2 2016
Q3 2016
Q4 2016
Q1 2017
Q2 2017
Q3 2017
Q4 2017
Q1 2018
Q2 2018
Q3 2018
Q4 2018
Q1 2019
Q2 2019
Q3 2019
Q4 2019
Q1 2020
Q2 2020
Q3 2020
Q4 2020
Q1 2021
Q2 2021
Spare capacity, past 3 months Expected spare capacity, next 3 months
Contents 22fsb.org.uk
EMPLOYMENT
23 ContentsQ1 2021 FSB Small Business Index
FURLOUGH SCHEME PROTECTS
JOBS IN Q1
12.5% of our survey respondents reported cuts to Data from HMRC suggest that labour market
the size of their workforce in Q1, down from 22.3% conditions have stabilised in winter. There were
in Q4 2020, marking a significant improvement. This an estimated 68,000 more people in payrolled
is the lowest figure seen since 2019, highlighting the employment in February than in January, for instance,
impacts of the CRJS scheme in protecting jobs. marking the third consecutive month of improvement
on this measure, despite lockdown measures. These
Looking at the data by region, workplace cuts were
figures suggest that the furlough scheme has been
most prevalent the North East & Yorkshire and The
largely successful in “freezing” the labour market amid
Humber, where 16.1% of businesses saw decreases to
the winter wave of the Covid-19 pandemic. It is also
the number of employees.
important to note that the scheme was made more
Considering the net percentage balance change generous in November, by removing the requirement
in number of people employed, the figure rose to for employers to contribute 20% of furloughed
-3.5% in Q1 2021, up from -15.5% in Q4 2020. Looking employees’ wages, as had been the case in October.
ahead, the net balance of expectations stands at
+12.0%, suggesting that the easing of restrictions on
the economy is likely to cause an associated rise in
employment. In the Budget, the Chancellor extended
the furlough scheme, which will now run until the end
of September, meaning government support for the
labour market will continue throughout the entirety of
Q2 and Q3.
Figure 12: Net percentage balance change in number of people employed – proportion reporting increase less
proportion reporting decrease.
Source: FSB - Verve ‘Voice of Small Business’ Panel Survey.
20%
15%
10%
5%
0%
-5%
-10%
-15%
-20%
-25%
-30%
-35%
Q3 2010
Q4 2010
Q1 2011
Q2 2011
Q3 2011
Q4 2011
Q1 2012
Q2 2012
Q3 2012
Q4 2012
Q1 2013
Q2 2013
Q3 2013
Q4 2013
Q1 2014
Q2 2014
Q3 2014
Q4 2014
Q1 2015
Q2 2015
Q3 2015
Q4 2015
Q1 2016
Q2 2016
Q3 2016
Q4 2016
Q1 2017
Q2 2017
Q3 2017
Q4 2017
Q1 2018
Q2 2018
Q3 2018
Q4 2018
Q1 2019
Q2 2019
Q3 2019
Q4 2019
Q1 2020
Q2 2020
Q3 2020
Q4 2020
Q1 2021
Q2 2021
Employment change, last 3 months Expected employment change, next 3 months
Contents 24fsb.org.uk
FOURTH CONSECUTIVE QUARTER
OF ANNUAL SALARY CONTRACTION
AMONGST SMALL BUSINESS
EMPLOYEES
Wages at small businesses displayed a smaller companies. With cash flows still weak and wider
contraction in Q1 than in Q4, with a 0.4% decrease. economic conditions fragile, small businesses are
This does mark the fourth consecutive quarter of likely to have less capacity for wage growth compared
contraction, however. This continues to contrast to their larger counterparts, who may be better able to
with official data on the labour market, which have weather the storm due to economies of scale.
pointed to fairly strong wage growth in recent months.
Looking across regions, wage cuts have been most
Annual growth in average employee pay continued
frequent amongst firms in London, where 22.5%
to strengthen in the three months to January, with
of firms reported an annual reduction in average
ONS data showing that growth in average total pay
salaries. Meanwhile, across industries with suitable
(including bonuses) increased to 4.8% in the three
sample sizes, accommodation and food service
months to January 2021. However, much of this
activities saw the highest share of businesses
growth is being driven by compositional effects, such
reporting wage cuts, at 27.7%.
as the fall in the number and proportion of lower-paid
employee jobs, as well as increased bonuses, which Looking ahead, small businesses expect a return to
had been postponed earlier in 2020. wage growth in the coming year, with data pointing to
an average salary increase of 1.1%. This likely reflects
Another explanation for the discrepancy between the
businesses’ hopefulness for increasing revenues as
results in this report and official data is the differing
the economy opens up.
experiences of small businesses compared to larger
Figure 13: Average salary increase awarded, this quarter versus a year before.
Source: FSB - Verve ‘Voice of Small Business’ Panel Survey.
3.0%
2.5%
2.0%
1.5%
1.0%
0.5%
0.0%
-0.5%
-1.0%
-1.5%
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2014 2015 2015 2015 2015 2016 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020202020202020 2021 2021
Average salary increase awarded - last 12 months Average salary increase awarded - next 12 months
25 ContentsQ1 2021 FSB Small Business Index
GROWTH ASPIRATIONS
AND CHALLENGES
Contents 26fsb.org.uk
SHARE OF BUSINESSES
ASPIRING TO GROW RISES BY
MOST ON RECORD
The share of businesses saying that they are aspiring 1.9% of respondents anticipated closing their business
to grow over the next 12 months increased from for good in the coming 12 months, the joint lowest
39.9% in Q4 2020 to 52.7% in Q1 2021, which is since Q2 2017. Out of the 12 regions of the UK,
a 12.8 percentage point increase. This is also the businesses in Scotland were most likely to say that
largest quarterly percentage point rise since records they expected to close down, at 4.8%.
began in 2012. Meanwhile, the share expecting to
shrink fell to 12.8%. Across the four nations of the UK,
businesses in England were most likely to say they
aspire to grow, at 53.7%.
Figure 14: Growth aspirations for next 12 months.
Source: FSB - Verve ‘Voice of Small Business’ Panel Survey.
70% 30%
60%
25%
50%
20%
40%
15%
30%
10%
20%
5%
10%
0% 0%
Q1 2012
Q2 2012
Q3 2012
Q4 2012
Q1 2013
Q2 2013
Q3 2013
Q4 2013
Q1 2014
Q2 2014
Q3 2014
Q4 2014
Q1 2015
Q2 2015
Q3 2015
Q4 2015
Q1 2016
Q2 2016
Q3 2016
Q4 2016
Q1 2017
Q2 2017
Q3 2017
Q4 2017
Q1 2018
Q2 2018
Q3 2018
Q4 2018
Q1 2019
Q2 2019
Q3 2019
Q4 2019
Q1 2020
Q2 2020
Q3 2020
Q4 2020
Q1 2021
Grow rapidly/moderately (LHS) Remain the same size (LHS)
Downsize, close or hand on business (RHS)
27 ContentsQ1 2021 FSB Small Business Index
BREXIT DEAL ALLEVIATES FOREIGN
TRADE WORST FEARS
As was the case in Q4, the domestic economy and The foreign economy became less of a concern
consumer demand are the two most commonly to businesses in Q1, falling from 19.8% to 14.9% of
cited options when considering potential barriers to businesses considering it to be a growth barrier. The
growth. Respectively, 68.5% and 39.5% of businesses Brexit deal was agreed in the final days of Q4 2020,
considered these categories as growth barriers in meaning that Q4 was marked by much uncertainty
Q1 2021. The figure for consumer demand was up for exporting businesses, which was alleviated in Q1.
compared to Q4. Although the deal meant that businesses cannot trade
as smoothly with the EU as was the case when the UK
The share of businesses reporting appropriately
was a member state, the deal ensured free movement
skilled staff as a potential barrier increased to 27.3%
of goods, meaning most disruption is confined to
in Q1, up from 22.7% in Q4. With many UK workers
service-based businesses.
having been on furlough for many months, they
are likely to have experienced a deterioration of
their skills due to lack of use. It may be that many
employers are required to update their workers’ skills
before they return from furlough.
Figure 15: Potential barriers to achieving growth aspirations – multiple answers possible.
Source: FSB - Verve ‘Voice of Small Business’ Panel Survey.
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
Domestic economy
Consumer demand
Appropriately skilled staff
Regulation
Labour costs
Input costs
Foreign economy
Rent/premises
Tax burden
Access to finance
Other
Utility costs
Cost of finance
Fuel costs
Q4 2020 Q1 2021
Contents 28fsb.org.uk CREDIT 29 Contents
Q1 2021 FSB Small Business Index
SHARE OF BUSINESSES MAKING
CREDIT REQUESTS FALLS AGAIN
Figure 16: Credit applications and interest rates offered.
Source: FSB - Verve ‘Voice of Small Business’ Panel Survey. Respondents were able to give multiple answers
to this question.
Have you applied for credit in the past three months?
No – 83.9% Yes – 16.1%
Were you successful?
No – 27.0% Yes – 63.9% Decision pending – 9.1%
What rate were you offered?
80%
70%
60%
50%
40%
30%
20%
10%
0%
< 4% 4% - 4.99% 5% - 5.99% 6% - 7.99% 8% - 11% >11%
Q4 2020 Q1 2021
There was a further drop in the proportion of A higher share of businesses were unsuccessful in
businesses applying for credit in Q1, with only 16.1% their application for credit than previously, at 27.0%
of surveyed SMEs doing so in the first three months in Q1 2021, compared to 13.2% in Q4 2020. This is
of 2021. This is down from 28.4% in Q3 2020 and perhaps reflective of greater risk sensitivity amongst
18.5% in Q4 2020. This return to more normal rates lenders in a landscape of continued uncertainty as the
of borrowing suggests that firms are in a more stable pandemic rages on. A larger proportion of requestees
financial situation than in the height of lockdown in were offered a rate of less than 4% in Q1 than in Q4,
2020, and the immediate aftermath. at 76.1%.
Contents 300%
10%
20%
30%
40%
50%
60%
70%
80%
90%
Q3 2012
Q4 2012
Q1 2013
Q2 2013
Q3 2013
Q4 2013
Q1 2014
Q2 2014
Q3 2014
Q4 2014
Q1 2015
Q2 2015
Q3 2015
Q4 2015
Q1 2016
Q2 2016
Q3 2016
Q4 2016
Source: FSB - Verve ‘Voice of Small Business’ Panel Survey.
Q1 2017
Q2 2017
Q3 2017
31
Q4 2017
Q1 2018
Q2 2018
Q3 2018
Q4 2018
Q1 2019
Q2 2019
Q3 2019
Q4 2019
Q1 2020
Q2 2020
Figure 17: Proportion of small businesses successful in their credit applications in the past three months
Q3 2020
Q4 2020
Q12021
fsb.org.uk
ContentsQ1 2021 FSB Small Business Index
CREDIT AVAILABILITY AND
AFFORDABILITY INDICES RISE,
BUT STAND BELOW Q3’S
RECORD LEVELS
35.2% of SMEs said that the overall availability of new Furthermore, the share of businesses reporting
credit for small businesses is very good or quite good that they would rate the overall affordability of new
in Q1, up from 29.3% in Q4 2020. This allowed the credit as affordable stood at 38.3% in Q1, compared
credit availability index to pick up to -0.5, from -5.2 in to 31.2% who said unaffordable. This meant that the
the previous quarter. Although, this is still lower than affordability index rose to 1.9 in Q1, up from -0.1 in Q4.
the Q3 value of 1.3. Since the coronavirus crisis has
hit the economy, and businesses in particular, the
government has introduced policies to make credit
more accessible, by guaranteeing a proportion of the
loans that lenders offer.
Figure 18: Indices of credit affordability / availability perceptions over time, a weighted net balance of those
with negative responses subtracted from those with positive responses.
Source: FSB - Verve ‘Voice of Small Business’ Panel Survey.
10
0
-10
-20
-30
-40
-50
-60
Q2 2012
Q3 2012
Q4 2012
Q1 2013
Q2 2013
Q3 2013
Q4 2013
Q1 2014
Q2 2014
Q3 2014
Q4 2014
Q1 2015
Q2 2015
Q3 2015
Q4 2015
Q1 2016
Q2 2016
Q3 2016
Q4 2016
Q1 2017
Q2 2017
Q3 2017
Q4 2017
Q1 2018
Q2 2018
Q3 2018
Q4 2018
Q1 2019
Q2 2019
Q3 2019
Q4 2019
Q1 2020
Q2 2020
Q3 2020
Q4 2020
Q1 2021
Credit availability index Credit affordability index
Contents 32fsb.org.uk
INVESTMENT AND
PRODUCTIVITY
33 ContentsQ1 2021 FSB Small Business Index
INVESTMENT OUTLOOK IMPROVES
IN Q1 THANKS TO BUDGET
ANNOUNCEMENTS
The latest results show that 32.8% of respondents benefit to businesses already paying enough tax to
anticipate increased investment levels in the coming cover the 130% deduction and will only be applicable
quarter, compared to only 15.0% expecting investment to investments in plant and machinery assets.
cuts. As such, the net balance of firms anticipating Nevertheless, the Office for Budget Responsibility
investment growth jumped back into positive does expect that it will bring forward a large amount
territory, after standing in negative territory in Q4. The of planned investment.
planned opening up of the economy according to
Looking across the regions of the UK, businesses
the Government’s roadmap has allowed businesses
in the North West were the most likely to say that
to hope for a pickup in activity for the rest of 2021.
they anticipate an increase in investment, with this
Furthermore, the announcement in the Budget of a
being cited by 38.9%. Across industries, those in the
tax super-deduction for business investment will be
manufacturing sector were most likely to expect an
encouraging businesses to increase spending in this
increase, at 38.3% of respondents. Businesses in this
capacity. The deduction means that when companies
industry are most likely to be able to take advantage
invest, they will be able to reduce their tax bill by
of the super-deduction, given the scope of applicable
130% of the cost of the investment. This will only be of
investments.
Figure 19: Percentage of small businesses expecting to increase and decrease capital investment over next
quarter, compared with previous quarter.
Source: FSB - Verve ‘Voice of Small Business’ Panel Survey.
60%
50%
40%
30%
20%
10%
0%
Increase Decrease Approximately the same
Q4 2020 Q1 2021
Contents 34fsb.org.uk
METHODOLOGY
These tables are based on the Q1 2020 research
survey of 1,684 FSB members carried out by Verve.
The data is weighted by regional gross value added
to match the profile of small businesses across the
UK. The survey was undertaken between 8th and
22nd March 2021.
35 ContentsQ1 2021 FSB Small Business Index
SUMMARY DATA TABLE
Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021
Small Business Index -8.8 -8.1 -21.6 -143.4 -5.0 -32.6 -49.3 27.3
Employment -
-1.5% 1.9% -1.5% -7.6% -19.0% -15.2% -15.5% -3.5%
previous three months
Employment -
10.2% 5.1% 3.5% -27.9% -7.9% -6.7% -3.8% 12.0%
coming three months
Exports -
-5.8% -7.1% -1.6% -19.1% -52.8% -35.2% -16.0% -28.4%
previous three months
Exports -
11.4% -4.1% -9.5% -52.4% -12.8% -18.9% -29.0% -9.8%
coming three months
Credit availability -
28.9% 25.7% 27.5% 24.4% 38.3% 36.4% 29.3% 35.2%
rated good or very good
Credit availability -
33.7% 39.4% 34.7% 41.6% 34.9% 30.9% 30.5% 30.1%
rated poor or very poor
Credit affordability -
27.3% 28.1% 28.1% 25.7% 41.8% 43.0% 36.5% 38.3%
rated good or very good
Credit affordability -
43.2% 33.8% 39.9% 44.0% 31.9% 28.3% 30.3% 31.2%
rated poor or very poor
The Small Business Index weights strong responses The Employment and Revenue indicators are net
(much improved or much deteriorated conditions) percentage balances, with the proportion of firms
double and subtracts the weighted proportion of firms reporting a decrease subtracted from the proportion
reporting deterioration in business prospects over the reporting an increase.
coming three months from the weighted proportion
Responses are also weighted according to regional
expecting an improvement.
gross value added.
Contents 36Q1
© Federation of Small Businesses
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