The Institute of Directors’s chief economist urged the chancellor to deliver a budget that is growth-focused and ‘has business at its heart’. Photograph: Rui Vieira/PABusiness confidence fell to its lowest level on record in September, driven by concerns over soaring costs, according to a survey of bosses. Clare Lombardelli, a deputy governor at the Bank, said central bankers should be careful about assuming inflation shocks are temporary. However, predictions by leading economists that inflation will prove to be sticky, preventing further cuts by the central bank, would limit interest rate cuts, denting the chancellor’s budget plans. The MPC member Sarah Breeden, speaking at Cardiff Business School, adopted a more dovish stance than her fellow rate-setters.