Amid fears that the Labour government's warnings of a tough budget in October have hurt the economy, business optimism weakened this month to its lowest level since June.
While we still expect economic expansion, it may occur at a slower rate than the first half of 2024, indicating a cautious but hopeful outlook among businesses.
Despite the overall decline in confidence to 47%, which is a three-month low, businesses remain optimistic about their own trading prospects.
The more mixed picture for economic optimism suggests some businesses are maintaining a degree of caution amidst the expectations of a challenging fiscal environment.
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