According to the Office for National Statistics (ONS), UK GDP slowed to 0.4% in the first three months of 2016, compared to 0.6% in the final quarter of 2015. The announcement has been met with equal concern from other UK business leaders. 

FSB national chairman Mike Cherry said: "It’s concerning to see the slowdown in growth in the first quarter of this year. This sluggish performance in the UK is being compounded by uncertainty over the health of the global economy. Recent FSB research found small business confidence at its lowest level since 2013."

The ONS was quick to say that the slowdown is in no part due to the 'Brexit effect'. It instead pointed to factors such as weaker global trade and New Year turbulence in financial markets.

Cherry added: “Small firms are dealing with a series of challenges including adjusting to the new National Living Wage and pensions auto-enrolment. In this climate, our members are looking to policymakers to focus on reducing barriers to enterprise and creating the right environment for small firms to grow.”