Spate of downbeat economic news knocks UK business confidence

The spate of negative news about the health of the UK economy has knocked businesses’ confidence.

A combination of supply chain snarl ups, soaring inflation, severe worker shortages and uncertainty over the trajectory of Covid-19 has pulled confidence levels back from highs of 27 per cent in June, research by the Institute of Directors (IoD) has found.

Optimism about the prospects of the British economy edged back from minus one per cent in September to minus six per cent in October.

More to follow.