www.fsb.org.uk/scotland
Small Business Index Scotland Q2 2026
-50
-100
Scotland SBI
Q4 2025
Q2 2026
Q3 2025
Q1 2025
Q3 2024
Q1 2024
Q3 2023
Q1 2023
Q3 2022
Q1 2022
Q3 2021
Q1 2021
Q3 2020
Q1 2020
Q3 2019
Q1 2019
Q3 2018
Q1 2018
Q3 2017
Q3 2016
Q1 2017
Q1 2016
-150
Source: FSB - Verve ‘Voice of Small Business’ Panel Survey
UK SBI
Small business revenue, net percentage balance – Proportion reporting/expecting increase less proportion reporting/expecting decrease 20% 10% 0% -10% -20% -30% -40%
Scotland SBI
UK SBI
Q2 2026
Q1 2026
Q4 2025
Q2 2025
Q4 2024
Q2 2024
Q4 2023
Q2 2023
Q4 2022
Q2 2022
Q4 2021
Q2 2021
Q4 2020
Q2 2020
Q4 2019
Q2 2019
Q4 2018
Q2 2018
-50% Q4 2017
Persistent inflation in energy and raw material prices continued to place pressure on Scottish small businesses, with 89.6% reporting higher production costs in Q2. Fuel costs emerged as the most cited cause, with 56.6% of small businesses in Scotland identifying it as a key cost driver. The closure of the Strait of Hormuz at the end of February heavily disrupted energy supply and led to a spike in global oil prices that has significantly pushed up costs at the pump. Utilities and labour remain frequently cited cost pressures, reported by 52.5%
0
Q2 2017
Scottish small businesses reported lower levels of pessimism about their revenue prospects in Q2 2026 relative to Q1, with the net balance expecting revenue growth increasing by 9.1 percentage points to -13.2%. Seasonal factors, including the approach of the summer tourism period, may have supported expectations for future revenues.
50
Q4 2016
The net balance of Scottish small businesses reporting revenue growth in Q2 rose to –28.0% but remains below the -20.8% balance recorded in Q2 2025. Considering the UK-wide picture,the net balance of small firms experiencing revenue growth was more negative, coming in at -33.6%.
FSB Small Business Index: Small business prospects over coming three months
Q2 2016
In Q2 2026, Scotland’s Small Business Index (SBI) rose by 31.5 points to –32.1, suggesting that sentiment among Scottish small firms was less pessimistic than in the previous quarter. While confidence improved in Scotland, UK-wide sentiment deteriorated, falling by 4.9 points to -57.4. Furthermore, Scotland out performed all other UK regions and nations in Q2, but despite the improvement in confidence on the previous quarter, the small business outlook in Scotland remains firmly negative.
Source: FSB - Verve Voice of Small Business’ Panel Survey