Business confidence falls in last quarter

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The Independent Online

Business confidence has fallen over the past three months, according to a s survey, offering further evidence that the recovery will be sluggish.

The latest business confidence monitor from the Institute of Chartered Accountants and Grant Thornton suggest that recovery will slow in the second half of the year. The index fell to 21.5 during the third quarter, which the report's authors take as the three months to July, from 25.5 in the previous quarter.

"Businesses that came through the recession are now facing the challenge of surviving the recovery," said Michael Izza, of the Institute of Chartered Accountants in England and Wales. "They still don't know what the future holds and are uncertain about how the mood of fiscal austerity will impact the economic recovery."