Business optimism at 20-year low

Confidence among businesses slumped to a 20-year low in August, according to a survey by accountancy group BDO.

The group’s optimism index fell for the sixth consecutive month to 89.1 in August from 93.1 in July. Figures above 95 indicate growth.

The index, which measures business performance expectations two quarters ahead, follows more upbeat data last week which showed industrial output grew at its fastest pace in 25 years in July.