02 Oct 2024
Confidence amongst UK businesses fell in September, data published by the Institute of Directors (IoD) has revealed.
The IoD's Economic Confidence Index continued to fall in September to -38 from -12 in August. The Index measures business leader optimism for the UK economy.
Confidence amongst business leaders in their own organisations also fell, the data showed.
Anna Leach, Chief Economist at the IoD, said: 'Business confidence and investment expectations both took a further and larger dive in September. IoD members cite ongoing concerns over likely tax increases, the cost of workers' rights, international competitiveness, broader cost pressures and the general outlook for UK economic growth.
'There are a number of policy announcements forthcoming which could help foster a more supportive environment for growth and investment, and underpin an improvement in business confidence.
'In the next few weeks we expect to see more detail on industrial strategy, the business tax roadmap and a likely update to the fiscal rules to better recognise the contribution of public sector investment to the UK's asset base.'