Businesses Losing Confidence in Economic Recovery

Businesses Losing Confidence in Economic Recovery

Businesses are less confident about the economic outlook than they were at the start of the summer, research from accountancy firm BDO has found. BDO’s Business Optimism index fell to 95.1 in July from 95.6 in June, the lowest level since last December – largely due to a fragile manufacturing sector. The report indicated that most firms did not expect to see any growth for the rest of the year. BDO partner Peter Hemington said the UK’s economic recovery was continuing to falter. “The rapid decline of the manufacturing sector – championed as the key to a rebalancing of the UK economy – is alarming,” he said. “And the services sector is showing little sign of picking up the slack.” Prospects for the job market also remained bleak, the rep... »