Starmer’s PMQs Claim Debunked as Business Confidence Falls to Three-Year Low – Guido Fawkes

Starmer’s PMQs Claim Debunked as Business Confidence Falls to Three-Year Low

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Starmer’s PMQs claim that business confidence has hit a “nine-year high” has been immediately punctured today by new figures showing it has significantly declined. Along with about 80 other surveys saying the same thing…

Today ICAEW’s Business Confidence Monitor – one of the largest and most comprehensive surveys of business activity – shows that business confidence in Q2 dropped to a three-year low. It’s now at -4.2 on the index, down from -3.0 in Q1. 55% of businesses cited the tax burden as a growing challenge. Three times higher than the historic average of 18%…

ICAEW economics director Suren Thiru said:

“Our data signals a desperately difficult second quarter for the UK economy as ‘awful April’s’ surge in costs and deepening global turbulence triggered another striking slump in business sentiment. These findings suggest that companies are now reacting to April’s eye watering surge in costs by scaling back hiring plans and curtailing other employment related expenses, including pay rewards and staff training.”

Anyone paying attention to confidence trackers will know Starmer’s grand claim doesn’t stand up. The Lloyds Business Barometer survey he cited yesterday has always been widely regarded as eyebrow-raisingly optimistic. Doubt Starmer will reference this survey next PMQ’s…