03 Sep 2024
Data published by the Institute of Directors (IoD) has revealed that confidence in the UK economy amongst business leaders fell to -12 in August following a three-year high of +7 in July.
Confidence amongst business leaders in their own organisations fell from +36 in July to +23 in August.
The data also showed that headcount expectations dropped 14 points from +24 to +10 and revenue expectations fell from +36 to +28.
Commenting on the data, Anna Leach, Chief Economist at the IoD, said: 'It's disappointing to see last month's welcome uptick in business leader confidence snuffed out over the summer. It is notable that the sharpest drops in our economic measures are in investment and headcount expectations, whilst other measures have moved to a lesser degree, albeit in a likewise negative direction.
'The news flow in recent weeks on employment rights and Autumn tax rises has dented confidence in the environment for business in the UK.'