ICAEW.com works better with JavaScript enabled.

ICAEW Business Confidence Monitor

Q4: Business confidence drops further into negative territory amid record high tax concerns.

Full national results Sign up for reports

National

Wilted flower with brown, dried petals falling off against a solid turquoise background.

UK Business Confidence Monitor: National

  • Report
The latest national Business Confidence Monitor (BCM) shows that business sentiment slipped deeper into negative territory amid uncertainty about the Budget and rising concern about both the tax burden and regulations. However, companies are optimistic that domestic sales and exports growth will improve over the next 12 months.
Read more
How the government can enable growth Tax worries pull business confidence further into negative territory Autumn Budget 2025 About BCM and methodology

UK nations and regions

Scenic view of the Scottish Highlands with a loch, autumnal hills, and mountains in the background
Scotland

Q3: Scottish business confidence dips into negative territory but remains above the UK.

The Pontcysyllte Aqueduct stretching across a misty valley with autumn-colored trees in Wales
Wales

Q3: Wales the only region with confidence in positive territory in Q3 2025.

A wooden stile crosses a stone wall overlooking a scenic lake and green countryside.
England

Nine regional reports offer insight into business confidence across England. Find out more about your region.

Sectors

Urban construction site with high-rise building framework and cranes surrounded by green trees, representing the Construction sector.
Construction

Q3: Confidence edges down as concern about the tax burden climbs to new record highs and regulatory challenges remain elevated.

Wind turbines generating renewable energy in a dense forest landscape, representing the Energy, Water and Mining sector.
Energy, Water & Mining

Q3: Sentiment rebounds into positive territory and is the most confident UK sector.

Industrial manufacturing plant emitting smoke with autumn-colored trees in the foreground, representing the Manufacturing and Engineering sector.
Manufacturing & Engineering

Q3: Confidence climbs above the UK average but remains in negative territory.

Tree-lined pedestrian shopping street with storefronts and landscaping, representing the Retail and Wholesale sector.
Retail & Wholesale

Q3: Retail & Wholesalers remain among the least confident businesses in the UK.

International economic updates

Economic Update: Mainland China and South-East Asia

  • Report
The 2025 Q2 Economic Insight Report provides an analysis of the current trends and challenges facing the economies of China, Malaysia, and Singapore. China’s growth outlook is buffeted by the heightened trade tensions with the US, that could worsen existing domestic challenges and further push out the long-drawn property sector adjustment.
Read more
China skyline

Economic Update: Middle East

  • Report
The ICAEW Economic Update: Middle East, is a quarterly economic forecast for the region prepared directly for the finance profession.
Read more
UAE skyline