According to the Office of National Statistics (ONS) the UK has finally, painfully emerged from the longest economic recession in recorded history.
The ONS reported that the UK’s economy finally saw growth of 0.1% in the final quarter of 2009. However, many city analysts were disappointed by this as they expected to see growth of at least 0.6%.
Regardless of this lower than expected growth, the fact that we ARE seeing growth is certainly promising news for small businesses.
David Frost of the British Chambers of Commerce (BCC), believes that for the British economy to sustain this growth, the government needs to do more to help small business in the ensuing months ahead. With the government increasing business tax and Employers’ National Insurance contributions by 1%, Mr Frost is of the opinion that the government should scrap these plans to ensure continuous, albeit fragile, growth.
The Chief Economist of the BCC, David Kern, added that for small businesses to assist growth the government needed to make it possible to enable firms to invest and export. This will only be possible by removing regulatory burdens and access to finance improved.
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