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Jeremy Hunt<\/span> has been urged to quit and let someone else take the reins as Chancellor with small businesses “imploding” amid fears of recession<\/span>.<\/p>\n This week saw more bad economic news as it emerged Britain’s services sector saw a lacklustre October with activity falling for the third month in a row and UK factory production suffering the longest period of decline since the 2008 global financial crisis.<\/p>\n Analysts warn Britain’s economy is skirting with recession amid stubborn inflation, higher interest rates and a cost-of-living crisis. The Bank of England expects GDP<\/span> growth to flatline for four consecutive quarters from March next year.<\/p>\n Ahead of the Chancellor’s Autumn Statement, the Federation of Small Business (FSB) has warned small businesses “feel as if they are walking on a financial tightrope”.<\/p>\n Asked what Mr Hunt can do to restore confidence, gift shop owner Jenny Blyth said: “Quit. Seriously, quit. There is absolutely nothing the Chancellor could do that would give me confidence the economy under his leadership could survive let alone thrive.”<\/p>\n READ MORE… <\/strong> Gary Lineker hits out at Suella Braverman in Remembrance Day protest row<\/strong><\/p>\n Ms Blyth, owner of London based Storm in a Teacup Gifts, told Express.co.uk: “The small business world is imploding and instead of innovative ways of bringing back the high street and driving economy to the local areas we are literally collapsing under the weight of his lack of skill and ingenuity. Quit and be done, and let someone else take the reins.”<\/p>\n FSB National Chair Martin McTague said strong, targeted measures to ensure small businesses “survive, thrive, and prosper” are needed now.<\/p>\n He called on the Chancellor to draw a “hard line” on late payments, extend the SME-focussed 75 percent business rates relief for retail, hospitality and leisure beyond March 2024 and address a “bottleneck” in how HMRC taxes the self-employed over training.<\/p>\n Mr McTague told Express.co.uk: “While our latest research shows small business confidence improved a little in the three months to September, it remains in negative territory \u2013 with more small firms pessimistic about the coming months than optimistic.<\/p>\n “The UK\u2019s economic recovery is dependent on the country\u2019s 5.6 million small businesses and the 16 million jobs they provide, which is why it makes economic and political sense for the Chancellor to back them in his Autumn Statement.”<\/p>\n Don’t miss… <\/strong> This week also saw Nationwide Building Society reveal property values across the country fell by 3.3 percent<\/span> compared with October last year.<\/p>\n The high street lender’s chief economist, Robert Gardner, warned activity and house prices are likely to remain subdued in the coming quarters.<\/p>\n Stephen Perkins, Managing Director at Yellow Brick Mortgages in Norwich, said the Chancellor needs to do something to reawaken the UK’s housing market.<\/p>\n He told Express.co.uk: “There needs to be some new initiatives to kick start the housing market out of its current slumber.”<\/p>\n Mr Perkins said this could involve something similar to the Help to Buy equity share scheme applied to new builds being made available to a lesser extent on all homes under a certain threshold.<\/p>\n He added: “Sadly, Jeremy Hunt will not be filling anyone with confidence.”<\/p>\n
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