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Business confidence in UK at lowest ebb since Brexit vote – IoD Business confidence in UK at lowest ebb since Brexit vote – IoD
(21 days later)
Business confidence in the British economy has fallen to the lowest level since the EU referendum, according to a survey of company directors.Business confidence in the British economy has fallen to the lowest level since the EU referendum, according to a survey of company directors.
Business leaders in all parts of the UK are gloomy about 2019, said the Institute of Directors, with Scotland and London – areas where voters were heavily in favour of remaining in the EU – most pessimistic.Business leaders in all parts of the UK are gloomy about 2019, said the Institute of Directors, with Scotland and London – areas where voters were heavily in favour of remaining in the EU – most pessimistic.
About 57% of more than 700 company directors surveyed expected things to get worse, compared with less than 20% predicting improvement – the worse net score since the IoD started its confidence survey in 2016.About 57% of more than 700 company directors surveyed expected things to get worse, compared with less than 20% predicting improvement – the worse net score since the IoD started its confidence survey in 2016.
Leaders of large firms were most likely to anticipate a downturn. The top concern for directors remains the UK’s general economic condition, followed by the uncertain future trading relationship with the EU and a shortage of skilled workers to fill jobs.Leaders of large firms were most likely to anticipate a downturn. The top concern for directors remains the UK’s general economic condition, followed by the uncertain future trading relationship with the EU and a shortage of skilled workers to fill jobs.
However, they were relatively upbeat about their own firm’s prospects, with a net majority of 30% expressing optimism.However, they were relatively upbeat about their own firm’s prospects, with a net majority of 30% expressing optimism.
Tej Parikh, a senior economist at the IoD, said: “Business leaders are looking ahead to the new year with trepidation about the economy. While we saw cautious optimism emerging when the Brexit talks appeared to be moving towards a transition period after March 2019, that has utterly dissipated now.Tej Parikh, a senior economist at the IoD, said: “Business leaders are looking ahead to the new year with trepidation about the economy. While we saw cautious optimism emerging when the Brexit talks appeared to be moving towards a transition period after March 2019, that has utterly dissipated now.
“There can be no doubt that the tumultuous Brexit process is having a damaging impact on firms’ outlooks. The prospect of a no-deal in the near future will be weighing heavily on directors’ minds.”“There can be no doubt that the tumultuous Brexit process is having a damaging impact on firms’ outlooks. The prospect of a no-deal in the near future will be weighing heavily on directors’ minds.”
The IoD – which has about 30,000 members in the business, public and voluntary sectors – has polled members since July 2016, a month after Britain voted to leave the EU.The IoD – which has about 30,000 members in the business, public and voluntary sectors – has polled members since July 2016, a month after Britain voted to leave the EU.
UK economic growth has been under pressure since a strong performance this summer, with the Bank of England expecting a 0.2% increase in GDP for the final three months of 2018 and forecasting a similar rate for the first quarter of 2019.UK economic growth has been under pressure since a strong performance this summer, with the Bank of England expecting a 0.2% increase in GDP for the final three months of 2018 and forecasting a similar rate for the first quarter of 2019.
Institute of DirectorsInstitute of Directors
EconomicsEconomics
BrexitBrexit
European UnionEuropean Union
Foreign policyForeign policy
Economic policyEconomic policy
Economic recoveryEconomic recovery
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