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Government must build on growth momentum, says FSB

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An organisation which represents the nation’s small businesses says the Government must build on the moment of growth, after official figures reported a small growth in the economy.

The Office for National Statistics has reported that the British economy picked up momentum in the second quarter of the year, with gross domestic product expanding by 0.6 per cent in the three months to June.

That was double the pace of the first three months of the year.

Gordon Millward, the Federation of Small Businesses’ (FSB) Regional Chairman, said:

“It is clearly welcome that the economy grew by 0.6 per cent in the second quarter and that growth was seen across all sectors.

“This gathering momentum fits with the results of own recent small business index, which showed firms expected faster export performance in the coming three months and that more businesses were planning to grow in the next 12 months.

“Nevertheless, the figures also show that the road to a full recovery remains a very long one.”

 

“In order for to build on this momentum and for small businesses to meet their aspirations and further strengthen the economic outlook, they need a stable environment. The capital spending on projects announced by the Chancellor recently, will have a positive effect on growth in the medium-term and the employment allowance announced at the Budget may help more firms to invest in jobs. The Government should now look to further supporting UK small businesses by increasing competition in banking, enabling a better energy deal and simplifying the complex number of back to work schemes.”

 


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