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According to a new business outlook report by Accenture\/S&P Global UK, UK business confidence fell to a joint record low in June, but beats a slew of EU countries with considerably lower business confidence.<\/p>\n
The report found a net balance of 28 percent more private sector firms forecast their activity to increase over the coming year, but this is half the level recorded in February, when confidence stood at 56 percent.<\/p>\n
Both the EU and global averages are below the UK at +16 percent and +22 percent respectively.<\/p>\n
Matt Prebble, Strategy and Consultant lead for the UK and Ireland at Accenture, said: “Inflation and a cloud of economic uncertainty have understandably knocked business confidence.<\/p>\n
“Whilst some predict lower profits and are cutting back on research and development, it is worth noting that the more confident sectors are continuing to sustainably invest in new products.<\/p>\n
“Over the past few years, UK business leaders have proven resilient in the face of constant change which may explain their optimism compared to other countries.<\/p>\n
“It is this mindset to make transformational change where it is needed most, invest in talent and new technologies that will put them in a strong position to take market share when the current turbulence passes.”<\/p>\n