Business confidence in the UK economy has plummeted to levels last seen during the early stages of the COVID-19 pandemic. This decline follows Labour's tax-increasing budget and ongoing pessimism about the nation's financial health as highlighted by the Institute of Directors (IOD). With more than 600 top executives responding, the survey shows the lowest levels of business confidence since the first lockdown in April 2020.
The IOD warns that the UK economy is at risk of stagnation as businesses plan to reduce investment. Shadow business secretary Andrew Griffith criticizes the government's handling, stating that the survey reflects a catastrophic loss of business confidence. Chancellor Rachel Reeves defends the budget, emphasizing the need to stabilize public finances and repair public services
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