Small business growth aspirations ‘at pre-pandemic level’

A report published by the Federation of Small Businesses (FSB) has found that over half of small businesses expect to grow in 2022.

The FSB found that although small firms are looking to grow, skills shortages and costs are weighing them down.

The survey polled more than 1,200 small businesses and found that 54% expect to grow over the next year. 16% increased their headcount in the three months to December, and 61% are increasing wages.

National Chairman of the FSB, Mike Cherry, said: ‘After two years of turmoil, in which firms have once again shown their adaptability and resilience, the small business community stands ready to spur our economic recovery. The majority intend to grow over the coming 12 months, and many are looking to increase headcounts.

‘Their optimism is, however, hampered by spiralling inflation, labour shortages and looming tax grabs. Come April, they’ll be faced with a jobs tax hike, an increase in dividend taxation and fresh business rates bills.’

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