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ICAEW Business Confidence Monitor

Q4: Dramatic drop in business confidence as budget concerns bite

Full national report, plus regional and sectoral reports available below.

National

Business Confidence Monitor

UK Business Confidence Monitor: National

  • Report
The latest national Business Confidence Monitor (BCM) for Q4 2024 shows a significant decline in sentiment from the previous quarter, with confidence only just remaining positive, as businesses digest the implications of the proposed tax increases in the Autumn Budget and domestic sales growth eased.
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About BCM and methodology

  • Article
  • ICAEW
One of the largest and most comprehensive quarterly surveys, running for 20 years, the BCM includes a vast range of indicators and provides an authoritative and authentic voice on the economy and business issues.
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Documents

Dramatic drop in business confidence as budget concerns bite

  • Press release
  • ICAEW
UK business confidence fell by the largest amount in two years to hover just above zero, amid record tax concerns and a slowdown in domestic sales growth, a survey of business leaders published today (Wednesday 15 January 2025) has found.
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Mircophones

Nations and regions

Scotland
Scotland

Q4: Scotland the most confident region in the UK, despite a modest decline.

Wales
Wales

Q4: Business confidence falls into negative territory in Wales.

London
London

Q4: London’s business confidence dips amid weakening sales growth.

North West
North West

Q4: Confidence falls for third consecutive quarter in Q4 2024.

North East
North East

Q4: Business confidence in the North East sinks into negative territory.

Yorkshire
Yorkshire & Humber

Q4: Confidence turns negative as concerns over tax burden spike.

West Midlands
West Midlands

Q4: Confidence in West Midlands dips into negative territory in Q4 2024.

East Midlands
East Midlands

Q4: Slump in business sentiment in the East Midlands as confidence score turns negative.

East of England
East of England

Q4: Confidence declines significantly but remains above the national average.

South West
South West

Q4: Confidence among businesses in the South West is the lowest in the UK.

South East
South East

Q4: Sharp fall in business sentiment in the South East in Q4 2024.

Sectors

Construction hat
Construction

Q4: Concerns about the tax burden, regulation and faltering demand sinks confidence in the Construction sector.

Wind turbine
Energy, Water & Mining

Q4: Sentiment declined further in Q4 2024 but is now slightly stronger than the UK average.

Crane
Manufacturing & Engineering

Q4: Confidence weakens further to the lowest level in two years.

Crate
Retail & Wholesale

Q4: Sentiment among Retailers & Wholesalers drops to lowest level in two years.