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British business confidence fell to its lowest since 2022 as the Iran war, which pushed up costs, saps expectations for future sales, a survey of accountants showed, Reuters reports.
The Institute of Chartered Accountants in England and Wales said that its quarterly Business Confidence Monitor fell to its lowest since the fourth quarter of 2022 in the three months to June.
“Even if the peace deal holds, the weakening in forward-looking sales indicators points to a difficult second half of the year for the UK economy, as the aftereffects of the Iran conflict continue to weigh on activity,” Suren Thiru, chief economist at the ICAEW, said.
