Business confidence rose by 10 points to 41 per cent in August to reach the highest level since February 2022 (44 per cent), just prior to Russia’s invasion of Ukraine.
The 10-point increase is the largest month on month rise since March 2023. Business sentiment was largely driven by a more upbeat view of the wider economy, after the latest rise in base rates of 25 basis points was lower than the 50 basis points increase some firms had been expecting. This led to an overall 15-point rise in economic optimism to 36 per cent.
