London small businesses hit record low confidence, FSB report reveals

2025-04-21 06:29:32

Tina McKenzie, Policy Chair, Federation of Small Businesses, pictured in Belfast

Confidence among small businesses in London has taken a nosedive, with some sectors experiencing record-low levels of optimism.

The Federation of Small Businesses (FSB) has released a report indicating that confidence levels for London's small firms plummeted to 62.6 in Q4 of 2024, a significant drop from the negative 1.2 percentage points recorded in the previous quarter, as reported by City AM.

This marks the lowest level of confidence outside of pandemic times, as per the FSB's findings. London experienced the sharpest decline, with overall small business confidence in the wider economy at 40.1.

The accommodation and food services sectors were hit hardest, with confidence sinking to an unprecedented low of negative 111 points.

The wholesale and retail sectors weren't far behind, registering a confidence level of negative 94.2 points.

Meanwhile, those in the professional, scientifi