Business confidence has fallen significantly, continuing a two-year downward trend, new data from the Institute of Chartered Accountants in England and Wales (ICAEW) has suggested.
Data from the ICAEW’s latest Business Confidence Monitor (BCM) revealed that confidence has fallen from +0.8 in the second quarter of this year to -10.2 during this third quarter – a drop of 11 points.
The BCM data also revealed that confidence fell drastically following the EU referendum, but that it subsequently picked up as businesses took stock.
Stephen Ibbotson, Director of Business at the ICAEW, said: ‘UK businesses are resilient and after the political shock of the referendum result, many are just getting on with delivering their business plans and moving forward.
‘Encouraging businesses to invest as well as explore new markets has to be the immediate priority for the Government whilst it develops its vision for the UK economy once we have left the EU.’