UK business confidence remained higher than the rest of Europe despite fears that leaving the bloc would decimate the economy, according to a new report. According to a new business outlook report from Accenture/S&P Global UK, business confidence in the UK fell to a joint record low in June, but it outperforms a host of EU countries with significantly lower business confidence. The report found a net balance of 28% more private sector companies expected their activity to increase next year, but this is half the level recorded in February, when confidence stood at 56%. Both the EU average and the global average are lower than the UK at +16% and +22% respectively. Matt Prebble, UK and Ireland chief strategist and consultant at Accenture, said: “Inflation and a cloud of economic uncertainty have understandably hit business confidence. “While some are predicting lower profits and curtailing research and development, it is worth noting that the more confident sectors continue to invest sustainably in new products. “In recent years, UK business leaders have proved resistant to constant change which may explain their optimism compared to other countries. “It’s that mindset of making transformational changes where it’s needed most, investing in talent and new technologies that will put them in a strong position to take market share when the current turmoil passes.”
