(53%) compared to smaller businesses (up to £1m revenue) (43%).
Overall, 4 in 10 businesses have made expenditure cuts, with 13% saying they have cut a significant amount. Whilst larger businesses say they are being more cautious, it is smaller businesses that are making more significant cuts (15% vs 10% for larger businesses).
Demand from their customers is on the decline also since the rise in business costs and the cost-of-living crisis. This decline in demand appears to be increasing (52% July to 55% August) and is affecting smaller businesses more (58% vs 52% larger businesses).
Savanta has used two of its flagship surveys, UK Business Tracker and MarketVue, to better understand the business sentiment on this very important issue.
Read more about this on their website.