Business
Small business confidence remains low as costs rise and jobs are put on hold
Survey shows SMEs still cautious on hiring and investment, despite a modest lift in new orders
UK SMALL firms are still feeling gloomy about the economy, with confidence stuck near historic lows as weak growth and rising costs continue to bite, according to a quarterly survey by ACCA and the Institute of Management Accountants.
The UK edition of the Global Economic Conditions Survey (GECS) found confidence among small and medium-sized businesses dipped slightly in the final quarter of 2025, after a sharper fall in the previous quarter. The findings suggest many SMEs are still struggling to shake off the depressed mood that set in at the end of 2024.
Measures tracking investment and staffing also point to caution. Only a small number of respondents said their businesses – or their clients – had increased spending on capital projects over the past three months, while a higher-than-normal proportion reported cutting back.
On employment, the survey recorded a notable share of businesses reducing headcount or pausing recruitment, with relatively few saying they were hiring or restarting recruitment.
There was, however, a small sign of improvement in future demand. The survey’s forward-looking New Orders Index rose in Q4. While still weak by long-term standards, it was reported to be well above the low point seen during the COVID-19 pandemic – suggesting the underlying picture may not be as bleak as other indicators imply, and that some firms may be positioning themselves for better trading conditions.
Lloyd Powell, head of ACCA Cymru/Wales, said confidence remains “fragile,” arguing that businesses have seen little recovery since a sharp drop following the 2024 Budget. He added that the decline after the 2025 Budget was smaller, but said the impact on SMEs and the wider economy remained significant.
Powell said the modest improvement in new orders could indicate some firms are starting to consider investment again as they spot opportunities emerging.
Cost pressures, meanwhile, remain a major concern. More than four in five respondents reported higher operating costs during Q4, and early warning signs of corporate stress – including late payment issues and worries about customers or suppliers going out of business – stayed high compared with historic levels.
Jonathan Ashworth, ACCA’s chief economist, said the Q4 indicators continue to paint a “very downbeat” picture for UK SMEs, with confidence still struggling to recover from the lows seen at the end of 2024. He warned that 2026 is likely to remain difficult, citing sluggish UK growth and global uncertainty.
The survey notes that further interest rate cuts could ease some pressure on businesses, though ongoing domestic cost inflation suggests the Bank of England may have to approach any reductions carefully.
Business
West African café and gallery opens in rural Carmarthenshire village
New venture in Llandybie brings together Ghanaian cooking, Welsh produce and a shared love of community
A NEW café, kitchen and gallery celebrating West African food and culture has opened in the Carmarthenshire village of Llandybie.
Baobab Cymru officially opened at The College Inn on Friday (Apr 17), bringing a new food and arts venture to the Amman Valley community.
The business has been created by Ghana-born Adisa Amanor-Wilks, who has lived in the area for more than a decade and says the project is about blending the cultures she loves most.

Named after the iconic African baobab tree – often seen as a symbol of community, resilience and nourishment – the venue will serve a range of West African dishes alongside regular café favourites.
The menu includes jollof rice with chicken, goat, fish or vegan options, Red Red – a black-eyed bean stew served with fried plantains – and a variety of traditional soups, including light soup, okra soup and groundnut soup with chicken, goat or fish.
Sweet treats will also be on offer, including Chin Chin, a traditional West African snack made from crunchy fried dough.
Many of the ingredients will be locally sourced, with customers able to choose between takeaway and sit-in dining. The venue will also include a gallery space showcasing both African and Welsh artwork.

Baobab Cymru has created three jobs and is now open for takeaway orders, coffee, sit-in meals and gallery visits.
A grand opening celebration was set for Sunday (Apr 19), with free tasters and live music from kora player Josh Doughty and West African ensemble Successors of Mandingue.
Councillor Julian Tandy, Welsh language campaigner Aran Jones and Dai Nicholas were all expected to attend the launch.
Adisa Amanor-Wilks said: “This is about bringing two cultures I love together in one space.
“West African food, Welsh hospitality, and a place where people can gather, eat well and feel welcome. African roots. Welsh home.”
The business will operate bilingually in both Welsh and English.
For opening times and the full menu, visit the Baobab Cymru Facebook page.
Business
Slebech Park wedding venue ran without planning permission for years
A CALL to keep a wedding venue, erected without permission at a Georgian Pembrokeshire hotel whose site once belonged to the Knights Hospitallers, has been given a five-year period of grace.
In a listed building application to Pembrokeshire Coast National Park, Traverse Development Ltd, through agent Harries Planning Design Management, sought retrospective permission for the temporary retention of a wedding marquee at Slebech Park Restaurant and Rooms, Slebech; works having started back in 2009.
Grade-II*-listed Slebech Park once belonged to the Knights Hospitallers of the order of St John, later becoming the seat of the powerful Barlow family.
The present house was completed in 1776, built by Anthony Keck. This is his largest known house and the biggest Georgian single build in the country.
The grade-II-listed stables, which have the marquee on their eastern terrace, were converted to a hotel, conference centre and restaurant after 2003.
A supporting statement accompanying the application said: “The proposal seeks to retain the already erected temporary marquee used for weddings to allow the site to continue to host weddings, whilst a permanent solution is developed and approved by planning.
“The marquee will continue to operate as it has for over 10 years, with no changes proposed. The marquee is completely removeable without any permanent fixtures.”
It added: “The marquee is only affixed temporarily and will be removed with no damage to any of the listed buildings or the overall site once a permanent solution has been agreed.
“By retaining the marquee in the same location, it ensures that continuation of the site is as existing, reduces the potential impact of moving the marquee to a potentially more harmful site and ensures any ecology is not further disrupted. Once removed the site will return to its historic state.”
An officer report recommending approval said no adverse comments have been received from consultees towards the current proposal, and no third-party representations raising issues relating to listed building matters have been received, the proposed scheme “in keeping with the character of the listed building, and its setting in terms of design and form”.
It added: “Temporary consent for this marquee has been granted on four previous occasions and a letter submitted in support of the current application states that an application for a permanent solution for a wedding venue at Slebech Park is imminent, in line with the original proposals for the terrace restaurant.
“The effect on character and setting is not considered acceptable long-term but short-term retention in the interests of retaining the complex of buildings in viable use (and repair) whilst a suitable permanent solution is found is considered reasonable. As such, the application can be supported for a temporary period subject to conditions.”
The application was approved, conditions including a five-year period of grace.
Business
Celtic Freeport chief steps down less than two years after taking the job
THE HEAD of the Celtic Freeport has stepped down from the role less than two years after being appointed.
Luciana Ciubotariu officially left the post on April 16, with the organisation confirming her departure in a brief statement.
No explanation has been given for the move, but board members praised her contribution during a key period in the freeport’s development and said details of the search for a successor would be announced later.
Ms Ciubotariu joined the Celtic Freeport in May 2024 after previously working with Thames Freeport in London. She was brought in to help steer the project through its formative stages and played a central role in shaping its early direction.
Her exit comes at an important time for the scheme.
Only weeks ago, Neath Port Talbot Council approved a memorandum of understanding with the UK Government, Welsh Government, Pembrokeshire County Council and Celtic Freeport Company Limited. The agreement is intended to confirm the council’s role as the accountable body as the project moves into its next stage.
The Celtic Freeport, which was formally launched in late 2024, is a joint initiative involving Associated British Ports, the Port of Milford Haven, Pembrokeshire County Council and Neath Port Talbot Council.
The project is designed to create designated tax and customs zones aimed at attracting major investment and boosting economic growth across south-west Wales.
In a statement, the organisation said Ms Ciubotariu had led the freeport through the approval of its full business case and helped secure the memorandum of understanding with both the UK and Welsh governments.
That agreement is expected to unlock £25 million in public funding for the project.
The board said it was grateful for her work in helping establish the freeport and wished her well for the future.
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