Small Business Saturday, the day in which consumers are encouraged to consider buying from small local retailers, is happening on 6th December this year.

It will be just the second time the event has taken place and organisers say its return is based largely on the success of the launch day in 2013.

Small Business Saturday has the backing of all major political parties and is sponsored by payments provider American Express.

According to Amex research, nearly half of UK shoppers knew about the event last year and, of those, 57 per cent acted accordingly by shopping in local privately-owned retailers.

Responding to the news, prime minister David Cameron said: “Small Business Saturday is a vital reminder that we need to celebrate small businesses not just on one day, but all year round.”

While Labour leader Ed Miliband said: “It is fantastic news that Small Business Saturday is returning in 2014, having been such a huge success last year.

“As well as making a huge difference for small firms it was great to see it attract support from consumers and local authorities right across Britain.”