Summary
- Business groups are concerned that phrases like “black hole” and “pain” used by the government are causing a dent in confidence.
- The IoD’s economic confidence index fell sharply as business leaders revised their expectations for the UK economy.
- Despite concerns, actual measures like PMIs show rises in business activity, contradicting expressed opinions of lobby groups.
- Consumers have been prudent with their finances, saving during the pandemic and reducing debt, which has helped maintain consumer confidence.
