We're down -- but not out in 2018, say micro-companies

Downbeat about the economy but not glum enough to stop working for ourselves -- the most typical feeling of micro-businesses today, a study shows.

In fact, although only one in 10 of such traders foresees an economic boost between now and June, nine in 10 still want to be in business on their own account next year, found FreeAgent.

The contractor accounting platform said exactly half of the 700 respondents with their own tiny venture predicted that the economy will worsen. But only 1% intend to close down.

“Amid the upheaval surrounding the ongoing Brexit saga and the global political climate, it’s clear from our research that many micro-businesses don’t have much confidence in the UK’s economic prospects,” said FreeAgent boss Ed Molyneux.

“[But] the fact that the overwhelming majority [of micro-businesses] …expect to still be trading in a year’s time shows that they are confident in their ability to weather the storm -- and that can only be good news for our economy in the long-term term.”

As well as the economic optimists and pessimists, a significant chunk (28%) believe the economy will be largely unchanged over the next few months, shows the poll, conducted before the announcement of a snap general election on June 8^th.