Business confidence hits record low, IoD says

Business confidence among leaders has plunged to its lowest level since the Brexit vote, according to the Institute of Directors (IoD). The optimism index fell to -72 in July from -53 the previous month, marking a nine-year low. A survey of 894 finance directors highlighted tax and employment costs as major concerns, as they predicted rising wages and declining revenues. Anna Leach, chief economist at the IoD, commented: “Companies continue to battle cost increases . . . many firms report that they are struggling to plan amid a cacophony of risk.” Elsewhere, Lloyds Bank’s business confidence index rose to 52%, marking the strongest reading in a decade.