Accountants based in Sidcup, UK

Business confidence in economy 'stabilised' in May

02 Jun 2023

Confidence in the UK economy amongst businesses 'stabilised' to just below neutral in May, according to a survey carried out by the Institute of Directors (IoD).

The IoD's Directors' Economic Confidence Index stabilised at -6 in May. The Index measures business leader optimism in regard to prospects for the UK economy.

39% of those polled reported feeling pessimistic about UK economic prospects, whilst 33% stated they feel optimistic. The most common concerns for trading included adverse economic conditions, skills shortages and the cost of energy. These proved to be the same concerns as the last time firms were quizzed in February.

Commenting on the findings, Kitty Ussher, Chief Economist at the IoD, said: 'Confidence improved in the first few months of the year as business leaders began to believe that the outlook for the UK economy, although difficult, was not as bad as they had previously been led to believe. Our confidence index is now stabilising at a just below neutral stance, similar to that recorded before the invasion of Ukraine.

'Although investment intentions are picking up and our members are broadly planning for growth, it will take a greater sense that the worst is behind us before confidence really starts to lift.'

Try a site search Tax return, dividends, pension, audit...

Company details

0208 3002307

Opass Billings Wilson & Honey LLP, Numeric House, 98 Station Road, Sidcup, Kent DA15 7BY
About us

Led by a management team qualified and experienced in our business disciplines, and assisted by technical and administrative personnel, we offer a wide range of business, tax and advisory services.

Read more

© 2023 Opass Billings Wilson & Honey LLP. All rights reserved. We use cookies on this website, you can find more information about cookies here.
Registered in England. Partnership No. OC341377. Registered office address as above.