Confidence of SMEs in North and Scotland drops

Confidence among the UK’s small businesses has plummeted, a survey showed yesterday, with firms in the North and Scottish businesses the least confident in the face of a global economic slowdown and public sector austerity.

The Federation of Small Businesses(FSB) first-quarter survey showed the first decline in job creation by small firms nationwide since mid-2013.

UK chancellor George Osborne gave tax breaks to small businesses in Wednesday’s budget after downgrading growth forecasts, but the outlook is clouded by an upcoming vote on whether Britain should remain a member of the EU membership.