Confidence in the state of the UK economy has rebounded since Liz Truss’ term as prime minister, new research shared exclusively with City A.M. has revealed.
Execs working in the UK’s professional services sector are significantly more confident about the state of the British economy than they were in middle of 2022, data from the Managing Partners Forum shows .
The polling showed sector leaders’ confidence in the economy increased from lows of 43 per cent in September 2022 to relative highs of 71 per cent in January 2023.
Truss, the UK’s shortest serving prime minister, spent just 49 days in office before resigning from the position on 25 October 2022.
Truss’ premiership saw confidence in the British economy collapse from highs of 91 per cent in December 2021 to lows not previously seen since the depths of Covid-19.
Business confidence plummeted from rates of 75 per cent in February 2020 to lows of -26 per cent after Covid-19 first arrived on UK shores.
Confidence however began to surge following first deployment of the Covid vaccine at the end of 2020, the survey of 75 leaders in the professional services sector shows.
Industry leaders in law firms and accountancy companies said they now expect their businesses to grow over the coming year, after confidence in the economy collapsed last Autumn.
The professional services sector is the largest segment of the UK economy covering businesses including law firms, accounting firms, consultancies, and insolvency practitioners.
The sector is set to profit on increased market volatility due to an expected uptick in litigation and surging demand for advice as firms seek to navigate the turbulent economy.