UK small business outlook falls to over three-year low in Q1, FSB says

Small businesses in the United Kingdom were in a dour mood in the first quarter, amid weak exports, a slump in the oil price, public sector austerity and uncertainty surrounding the impact which the 23 June referendum on continued membership of the European Union, the results of a survey showed.

That was reflected in the results of the Federation of Small Businesses first-quarter survey which revealed the first drop in hiring in this segment of the economy since the middle of 2013.

Similarly, a barometre of business prospects for the next three months slipped from 28.7 points one year ago to a reading of 8.6 in the first three months of the year - its lowest since the -5.6 recorded in the fourth quarter of 2012.

The largest year-on-year falls in optimism were recorded in East of England and London, although Northern Ireland and Scotland was where the mood was most despondent.

To take note of, another survey carried out by the FSB earlier in March revealed that fully 42% of its 4,000 members were undecided on the subject of Brexit, with more than half feeling they were uninformed.