Economic news

UK Leads EU in Business Confidence Despite Drop to Record Low

2022.07.18 09:13

UK Leads EU in Business Confidence Despite Drop to Record Low
© Bloomberg. Shoppers walk along Oxford Street in London, UK, on Wednesday, May 18, 2022. Britain’s worst bout of inflation in 40 years is quickly becoming a crisis both for Prime Minister Boris Johnson’s government and the Bank of England. Photographer: Chris J. Ratcliffe/Bloomberg

(Bloomberg) — British businesses lead their European counterparts in terms of confidence about the future even after an index of optimism plunged by half to a record low.

Accenture (NYSE:ACN) and S&P Global (NYSE:SPGI) said their net balance measuring whether UK companies expect activity to increase fell to 28% last month from 56% in February. While that matches the lowest reading since the survey began in 2009, it’s still higher than elsewhere in the European Union or other places in the world. 

A surge in inflation, which reached the highest level in four decades in the UK, is the main driver of the bleaker outlook. Accenture suggested confidence is holding up in the UK because businesses have become used to coping with an uncertain outlook.

“Inflation and a cloud of economic uncertainty have understandably knocked business confidence,” said Accenture’s Matt Prebble. “UK business leaders have proven resilient in the face of constant change, which may explain their optimism compared to other countries.”

The majority of companies expect profits will fall, a first in the survey’s history. Six-in-10 firms expected to pass higher costs to customers.

 

©2022 Bloomberg L.P.

Source

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 98,427.37 1.52%
ethereum
Ethereum (ETH) $ 2,759.74 1.18%
xrp
XRP (XRP) $ 2.66 1.05%
tether
Tether (USDT) $ 1.00 0.02%
bnb
BNB (BNB) $ 653.40 0.99%
solana
Solana (SOL) $ 176.14 2.63%
usd-coin
USDC (USDC) $ 1.00 0.01%
dogecoin
Dogecoin (DOGE) $ 0.253233 0.51%
cardano
Cardano (ADA) $ 0.799415 2.53%
staked-ether
Lido Staked Ether (STETH) $ 2,759.14 1.22%
tron
TRON (TRX) $ 0.250167 5.05%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 98,223.32 1.44%
chainlink
Chainlink (LINK) $ 18.32 1.00%
wrapped-steth
Wrapped stETH (WSTETH) $ 3,295.65 1.11%
sui
Sui (SUI) $ 3.50 6.51%
avalanche-2
Avalanche (AVAX) $ 25.19 4.77%
stellar
Stellar (XLM) $ 0.339246 0.68%
litecoin
Litecoin (LTC) $ 134.69 3.31%
hedera-hashgraph
Hedera (HBAR) $ 0.219643 1.98%
shiba-inu
Shiba Inu (SHIB) $ 0.000016 1.04%
leo-token
LEO Token (LEO) $ 9.75 1.30%
the-open-network
Toncoin (TON) $ 3.58 0.73%
usds
USDS (USDS) $ 1.00 0.14%
hyperliquid
Hyperliquid (HYPE) $ 25.23 2.75%
weth
WETH (WETH) $ 2,760.76 1.24%
polkadot
Polkadot (DOT) $ 5.08 2.19%
mantra-dao
MANTRA (OM) $ 7.64 2.52%
bitcoin-cash
Bitcoin Cash (BCH) $ 327.34 1.31%
ethena-usde
Ethena USDe (USDE) $ 0.999991 0.08%
wrapped-eeth
Wrapped eETH (WEETH) $ 2,924.78 1.17%
bitget-token
Bitget Token (BGB) $ 4.68 0.54%
uniswap
Uniswap (UNI) $ 9.28 0.17%
monero
Monero (XMR) $ 236.34 1.34%
near
NEAR Protocol (NEAR) $ 3.51 9.88%
pepe
Pepe (PEPE) $ 0.00001 2.70%
whitebit
WhiteBIT Coin (WBT) $ 27.51 1.12%
bittensor
Bittensor (TAO) $ 469.97 3.75%
aave
Aave (AAVE) $ 261.04 2.56%
ondo-finance
Ondo (ONDO) $ 1.23 0.21%
aptos
Aptos (APT) $ 6.36 3.40%
dai
Dai (DAI) $ 1.00 0.02%
mantle
Mantle (MNT) $ 1.04 0.43%
internet-computer
Internet Computer (ICP) $ 7.18 3.86%
official-trump
Official Trump (TRUMP) $ 16.71 0.67%
ethereum-classic
Ethereum Classic (ETC) $ 20.97 1.24%
susds
sUSDS (SUSDS) $ 1.04 0.07%
tokenize-xchange
Tokenize Xchange (TKX) $ 37.57 2.23%
okb
OKB (OKB) $ 49.33 1.13%
gatechain-token
Gate (GT) $ 23.18 0.92%
sonic-3
Sonic (prev. FTM) (S) $ 0.90079 20.70%