Firms looking to grow despite downturn

Date: 3rd February 2009

British small businesses are looking to grow in the next year, despite the economic downturn, an investigation has shown.

Research by Close Invoice Finance (CIS) found that 45 per cent of small businesses believe they will stay the same size during 2009, while on in seven claimed they would look to recruit new staff.

Positively, only 4 per cent of companies have considered the prospect of closing down in the near future, with the vast majority confident they have what it takes to beat the recession.

Chief executive of CIS, David Thomson, said: "There is no doubt that these are some of the most challenging financial conditions of recent times.

"But, as our survey shows, this sector is incredibly resilient ... even as the UK enters recession."

Statistics published by HM Revenue and Customs earlier this week revealed that almost six million individuals and businesses filed their self-assessment tax returns online.