The Institute of Directors' latest index has revealed last week's Budget further dented directors' confidence in the UK economy.
Confidence levels were already close to a record low, but have dropped further as a result of Rachel Reeves' Budget announcement.
Expectations for headcount and investment have now fallen to levels close to those seen during the pandemic, The Times reports.
The economic confidence index, which measures business leaders’ optimism about the UK economy, was at minus 73 in November ahead of the budget.
But after the budget, some indicators “shifted downwards significantly”, the Institute of Directors said.
Revenue expectations fell from+7 to -8, while headcount expectations fropped from -8 to -29.
Investment intentions also fell from -17 to -39.
Of the factors having a negative impact on businesses, UK economic conditions remained the most significant concern, cited by 77% of respondents. Employment taxes and business taxes also continued to be of significant concern.
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