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It wasn’t the end to the year that many small firms were hoping for.

Scottish SBI figures for Q3 2023 are in.

Small business confidence loses momentum to fall further into negative territory.

The third quarter of 2022 has been another downbeat one for small businesses.

The Small Business Index (SBI) fell by 13.9 points in Q3 2022, reaching -45.7, its weakest reading since Q4 2020. Q3’s fall was the second in a row, with the Index having fallen by 46.1 points in Q2, reaching -31.8.

Small business confidence lowest on record outside of lockdowns

The Small Business Index (SBI) in Scotland saw a marked fall in Q2 2022, dropping by 46.1 points to return to negative territory, at a reading of -31.8.

FSB’s Small Business Index (SBI) for Scotland rose in Q1 2022, reaching a score of +14.3 points. This follows the slump to -22.0 points seen in Q4 2021, when the effects of the Omicron variant put significant downward pressure on business confidence across the UK.

The Small Business Index (SBI) increased 23.8 points in Q1 2022, reaching 15.3. This marked a return to improvement, and indeed a return to positive territory, after the index had slumped to -8.5 in Q4 2021.

Small businesses in Scotland saw a further decline in confidence in Q4, according to the latest FSB Small Business Index.