According to the latest research from the Federation of Small Businesses (FSB), more small UK firms expect to shrink than to grow over the next year. New figures reveal that the proportion of small firms bracing for contraction (downsizing, closure, or a sale) in the next 12 months has risen to an unprecedented 30%. Within that figure, the percentage of those specifically predicting that they will close the business in the next year has jumped to 6%, up from 4% in Q2. That equates to more than 330,000 potential business closures. Just 18% of small businesses expect to grow over the next 12 months. The factor driving this pessimism around growth was predominantly the domestic economy, cited by over two-thirds of small firms (68%), followed by the tax burden (45%), labour costs (34%), and then consumer demand (28%). To read the FSB’s news release, go to https://www.fsb.org.uk/media-centre/press-release/small-business-growth-hopes-plunge-chancellor-must-act-in-budget-MCJHXGO335K5HPPF27EKA3M5NIMM.