UK business confidence falls to two-year low as costs, taxes rise

A survey by the British Chambers of Commerce showed business confidence in the UK has fallen to its lowest level in two years as costs and taxes rise.

British business confidence has fallen to its lowest level since former Prime Minister Liz Truss’s “mini-budget” in September 2022, following unexpectedly large tax increases in the new Labour government’s budget issued on October 30, worth £40 billion ($50 billion).

The survey of 4,800 British private sector companies showed confidence in sales over the next 12 months is the lowest since late 2022, amid pressure from rising costs and taxes.