Business confidence plummeted across all sectors of British industry in the
first quarter, although recession is still unlikely, according to the
of Chartered Accountants in England and Wales (ICAEW)’s quarterly business
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.
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