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28 January 2016

FSB reacts to GDP growth of 0.5%

UK GDP growth rose slightly to 0.5% in the fourth quarter of 2015, bringing the annual rate of growth across the year to 2.2%. Commenting on the figures, Mike Cherry, Policy Director at the Federation of Small Businesses, said:

“Although GDP in 2015 has slowed from the previous year, growth remains positive. This is reflected in our own FSB research which shows that confidence among our members is still firmly in positive territory following a period of cooling last year. While business growth is resilient, this could be challenging to maintain, given the uncertainty around the stability of the global economy.

“The Bank of England’s decision to leave interest rates on hold at 0.5% throughout 2015 and into this year has been a relief for many small firms. On the other hand, they are facing a raft of increased costs and burdens this year including changes to tax on dividends, the National Living Wage, pensions auto-enrolment and potentially, mandatory quarterly tax reporting to follow."