Danny McCance 18 Sep 2017 05:07pm

Confidence low among two thirds of UK businesses

Business confidence is low 100 days after the General Election, with 60% of mid-size UK businesses not confident in growth and many wary over trade negotiations

The Business Confidence monitor from mid-tier firm BDO, made up of reports from 400 companies across the UK, found that businesses still lacked confidence in their growth ambitions.

Just 4% felt confident in their growth, with figures remaining low following the snap General Election in June.

The vast majority of high-growth mid-size firms (83%) are still uncertain of the future regarding Brexit trade negotiations, despite 58% holding the opinion that clarity should be the focus of government.

“As party conference season begins, these businesses will be looking for answers not only on the future of the UK’s trading relationships, but also a response to the growing concerns on skills and productivity in a post-Brexit world” said Paul England, managing partner at BDO.

Mid-size businesses make up a third of private sector revenue (£1.2trn) and account for 45% of private sector employment.

In May, a month before the election, BDO research suggested that business confidence had crept up for the first time since the Brexit vote.

Last month, the ICAEW business confidence monitor found that confidence went into negative territory in Q3, with the index falling from 6.7 in Q2 to -8 in Q3.