Quarter of East England firms may shrink or close soon

Summarised from 2 outlets · Updated 22 Oct, 07:02 · Archive

Around one in four small firms in the East of England expect to shrink or close in the coming months, the Federation of Small Businesses has warned, citing rising costs including fuel, business rates and employment expenses.

Job vacancies have fallen by 21,000 in the three months to September to 691,000, with smaller firms scaling back hiring due to higher labour costs. This follows increases to employers' National Insurance contributions and the minimum wage, which have made it more expensive to employ staff.

Candy Richards, FSB representative for East Anglia, said it is an 'incredibly bleak outlook'. 'It is therefore no surprise that businesses are reducing their overheads, scaling back staffing numbers, and holding off from recruiting,' she said. 'The chancellor must go much further and much faster at next week's budget.' The Budget is to be delivered on 28 October.

How it is being reported

• Fears a quarter of East's firms could shrink or close in the coming monthsThe Federation of Small Businesses (FSB) has warned that around one in four small firms in the East of England expect to shrink or close in the coming months due to rising costs.Eastern Daily Press · 22 Oct, 06:00
• Fears a quarter of East's firms could shrink or close in the coming monthsThe Federation of Small Businesses (FSB) has warned that around one in four small firms in the East of England expect to shrink or close in the coming months due to rising costs.Norwich Evening News · 22 Oct, 06:00

In this story: Federation of Small Businesses · East of England · East Anglia · Candy Richards · John Healey

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