SMALL businesses in Swindon have stressed the importance of consumer confidence in the local economy after new statistics reveal the possible impact of Brexit.

It comes after the Federation of Small Businesses (FSB) published the findings of a six-month research programme on the impact of leaving the EU.

Kris Talikowski, owner of juice bar The Core, and member of the Old Town Business Association, explained just how important consumer confidence is, especially in the wake of Brexit.

He said: “Because we buy from Europe, Brexit has had a direct impact on our costs. We don’t export to Europe, but we have found our costs are going up and we can only hope things will turn around.

“But footfall and consumer confidence plays a huge part in what we do. Confidence makes a real difference because uncertainty can effect consumer spending.

“From my perspective, we have to work harder as small business owners to make sure people have confidence in the local economy. The more positive people feel, the better it will be for small businesses.”

The FSB report found that, as a result of Brexit, 29 per cent of exporting small firms, regardless of destination, expect their level of exports to decline, while one in 20 per cent expect it to increase.

One in three small businesses in the UK are involved in overseas trade as an exporter and/or importer. Ninety two per cent of exporting small firms and 85 per cent of importing small firms conduct the majority of their business with the EU.

Staff at Cheney Manor-based catering firm Hospitality Services also stressed the importance of consumer confidence.

Managing director John Simpson said: “This is indeed very important to us. Working in the service industry, we rely heavily on the confidence afforded us by the companies we cater to. As a business we are yet to feel any effect of leaving the EU, but the future is quite uncertain. No one knows what’s going to happen.”

Dave Rebbettes, founding director of business firm BCMS, was in Swindon last week weighing up the potential effect of Brexit.

He said: “The picture around Swindon is fascinating, demonstrating a confidence and positivity not often reported in the national business media.”

Although the Centre for Economics and Business Research forecasts countrywide growth will halve in 2017 compared to 2016, Swindon appears to be defying the national picture with a healthy economic performance. With 8,100 new jobs being created in the town since 2010, unemployment is at an all-time low of 1.3 per cent.

Furthermore, with more than 4,400 apprenticeships being created in Swindon since 2010, prospects for young workers are also favourable – and it appears that these factors are helping to instil confidence.

North Swindon MP Justin Tomlinson has described Swindon as “powering ahead” by having an unemployment rate and a JSA claimant count well below the national average.

He said: “By backing business, we are delivering strong growth which Swindon is directly benefitting from, with a staggering 8,100 new jobs created in Swindon since 2010. I welcome the news that average wages are up 2.7 per cent from last year. As the economy continues to grow, it is so important for people to feel reward from their work.”