Confidence among UK business fell to a 19-month low in October in the aftermath of the Mini Budget, which spooked the markets and sent the pound to a record low against the dollar.
According to the Lloyds Bank business barometer, overall confidence fell by one percentage point to 15%, hitting the lowest level since March 2021. Over a third (39%) of respondents to the survey expressed pessimism about the state of the economy, up from 36%. This is the sixth consecutive month that optimism has decreased. Although it remained above the lowest level of minus 33% recorded in May 2020 during the first Covid-19 wave, business confidence was still below the long-term average of 28%. UK could face pensions crisis warns new financial inclusion index Meanwhile, 46% r...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
