Business confidence drops at fastest pace for over three years
Business optimism fell at its fastest pace in over three years following October’s Budget, a new survey shows.
BDO’s latest business trends survey, which collects and regroups data from the UK’s main business surveys, showed that corporate confidence fell to its lowest level since January 2023.
The optimism index dropped 5.8 points to 93.49 in November, which was the largest monthly fall since August 2021.
The drop in confidence reflects the anticipated effect of the Budget, as businesses brace for the impact of the national insurance hike and the increase to the minimum wage from April next year.
Business confidence drops at fastest pace for over three years