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Business confidence ‘plumbs new depths’ ahead of Budget
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City AM
Business confidence ‘plumbs new depths’ ahead of BudgetThe IoD said business confidence had ‘plumbed new depths’ (Photo by Dan Kitwood/Getty Images)Business confidence fell to a fresh record low in September, as fears of another cost squeeze stoked an already dire operating environment that was found to have “worsened across the board”.
This was dow from a score of -61 in August and eclipsed the previous record – set this July – of -72.
Business confidence falls as they brace for tax hikesChancellor Rachel Reeves is widely expected to unveil up to £30bn of tax rises when she publishes her second major fiscal event on 26 November.
“Business confidence has plumbed new depths in September, following a fleeting improvement at the tag-end of summer,” said IoD boss Anna Leach.
“Even though it was always an outlier, the PM quoted it emphatically to rebut claims that business confidence is on the floor.”