FSB Wales chair warns of cumulative pressures as small business confidence dips
FSB Wales chair warns of cumulative pressures as small business confidence dips
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Small businesses in Wales face rising costs, declining confidence and the risk of job cuts unless “bold action” is taken, according to John Hurst, the newly appointed chair of FSB Wales.
Hurst, who built his career across technology, manufacturing and IT services, says his personal and professional journey has shaped his approach to representing small firms. “I actually spent the majority of my childhood in the borders of Scotland before I came to university in Cardiff, studied business at Cardiff Met and then many years later went and did my executive MBA at Cardiff Business School at Cardiff University,” he explained.
Now settled in Cardiff with his wife, two children and Labrador, Hurst said: “Really, I’m passionate about seeing Wales thrive … there needs to be strong economy and great community in Wales for them to see a future here as well.”
His background includes leading a management buy-in at 26, heading a family-owned export firm, and later growing B2B IT Services from four to 25 staff across Wales and the South West. “By running a business, I have a responsibility to improve the lives of people that work within that business but also to have a positive impact on the local community as well,” he said.
That ethos shaped his decision to apply for the FSB Wales chair role. “It was probably having watched my wife go through the process of starting a business that made me really passionate to try and embrace the entrepreneurial nature of Wales and really strive to make sure it’s recognised amongst stakeholders.”
Turning to the wider economy, Hurst stressed that challenges cut across all industries. “There are plenty of sectors where businesses are thriving and plenty of opportunities … but I think some of the things that need to be done are consistent across whatever sector you might look at. So, there needs to be some bold action taken.”
Rising costs are top of the list. “You look at utility and fuel costs. You look at the taxes, employers, national insurance contributions, that has levied pressure on businesses at the moment that they’re struggling to manage,” he said.
Confidence is another concern. “FSB runs a quarterly index where it canvases its members to find out what’s going on for them at that time. And in quarter two, for the very first time, it showed that businesses expected to shrink rather than grow in the coming quarter. Now that’s the very first time that’s been reported in this index. Even during COVID, we didn’t have such a negative result.”
With Welsh elections on the horizon, Hurst urged both UK and Welsh governments to act. “Let’s take some bold action to really strengthen that backbone of the economy, to encourage it and to make sure that we are bringing vitality back to the high street. We are creating local wealth, and we’re creating jobs and reducing the barriers to small business to succeed.”
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