The UK private sector is facing its lowest business sentiment in nearly three years, as indicated by the Confederation of British Industry's (CBI) latest growth indicator. A notably high percentage of companies anticipate a decline in activity over the next quarter, facing pressures from rising wage costs and global trade uncertainties. The downturn affects all major sectors, notably with projections of falling service volumes and manufacturing output. The recent increases in National Insurance contributions and the national living wage further contribute to rising operational costs, leaving businesses in a precarious position.
Business sentiment in the UK private sector has slumped to its weakest since September 2022, with a significant decline expected in activity over the coming months.
There is little sign of summer cheer in our surveys. Private sector activity is expected to remain subdued over the next three months.
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