Business confidence plunges

Business confidence has hit its lowest level since the summer of 2009, when the UK was still mired in recession, according to figures released today. The UK Business Confidence Monitor from ICAEW/Grant Thornton fell from 13.7 in the second quarter to 8.1 in the third quarter of this year. The survey also highlighted growing concern over red tape, with 40 per cent of businesses saying burdensome regulation is more of a problem than it was 12 month's ago.