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Business confidence bounces back to pre-vote levels

Business confidence has bounced back to pre-referendum levels, according to a new survey published today.

The index compiled by YouGov and the Centre for Economics and Business Research (CEBR) rose to 112.4 in September, marking a jump from 105 in July and almost reaching June’s figure of 112.6.

Scott Corfe, director at the CEBR, said the survey of 500 firms suggested business confidence took a short-term fall rather than the longer-term impact many had forecast.

“The panic that gripped businesses in the aftermath of the referendum has subsided and they are now much more level-headed and optimistic about the future of both their own organisations and the UK’s economy in general,” he said.

In September, 53% of firms’ decision makers said they were optimistic about their company’s prospects over the coming 12 months, up from 48% in August and 46% in July.

But Corfe warned that the figures could shift significantly once “the shape of our economic relationship with the EU becomes more clear”.

“We won’t know until next month what impact speculation about whether the government is planning a hard or soft Brexit will have on business confidence,” added Stephen Harmston, head of YouGov Reports.

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