Confidence lowest since 1992
Business confidence in the UK has hit its lowest point since 1992, according to BDO Stoy Hayward's business trends report.
The report revealed business confidence slipped further in June as the housing market continued to fall and inflation rose due to high food and fuel prices.
BDO is now predicting annualised growth of just 1.3% in the next three months, well below the government's predictions.
"UK businesses are struggling to see any light at the end of the tunnel," said Peter Hemington from BDO Stoy Hayward.
"An interest rate rise next week aimed at curbing inflation could be crippling for business and could worsen the effects of the economic slowdown," he added.
Confidence is now at its lowest level since Black Wednesday in 1992, when the pound was withdrawn from the Exchange Rate Mechanism.
Post Date: July 2nd, 2008