Business confidence plummeted across all sectors of British industry in the first quarter, although recession is still unlikely, according to the Institute of Chartered Accountants in England and Wales (ICAEW)’s quarterly business confidence monitor.
The latest ICAEW quarterly survey of 984 chartered accountants showed property, banking, finance and insurance sectors are under most pressure, while property confidence was at its lowest level ever recorded.

The overall confidence index declined to 19.7 in the negative from 7.2 in the negative in the previous quarter, compared to a cyclical peak of 11.5 in the positive a year ago.

‘Nowhere in the UK is business immune to the fall-out from recent issues in the global financial markets. Significant domestic developments such as falling house prices only reinforce the concerns,' Michael Izza, ICAEW chief executive officer, said. But growth is still predicted for the overall economy.