Small businesses are UK's best hope, says expert

  • 1-12-2012

Small firms are key to recovery, says expertThe UK's best chance of economic recovery stems from small businesses.

That is the view of the Confederation of British Industry's (CBI) SME Council, which noted that the government, large businesses and consumers are not well placed to provide a significant boost to the country.

Lucy Armstrong, chair of the council, said that it is the UK's smaller businesses that have the power to draw on social links and employ people.

However, the expert said the country's next challenge is to restore small business owners' confidence and get them spending the money they are "hoarding" on expanding and boosting the UK's long-term growth.

"The government can't do it as it's bust. The consumer can't do it; they're up to their hoc in credit cards, so it has to be private family businesses that do it," she commented.

"They punch well above their weight in terms of the number of people they employ, they produce more taxes per pound of turnover than either their big brothers or their tiny micro brothers, so they are the businesses we should be focussing on."

Posted by Emily Smith


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