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ICAEW Business Confidence Monitor

Q3: Business Confidence equals record-breaking slump.

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National

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UK Business Confidence Monitor: National

  • Report
The latest national Business Confidence Monitor (BCM) shows that UK business confidence rebounded sharply in Q3 2026, but remained marginally negative as firms moderated their expectations for future sales and profits. The recovery was broad-based, yet weaker hiring, persistent cost pressures and geopolitical uncertainty point to a fragile rather than strong improvement.
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How the government can enable growth Confidence remains low as Iran war rages on Autumn budget 2026 About BCM and methodology

UK nations and regions

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Scotland

Q3: Business sentiment in Scotland climbed out of negative territory in Q3 2026 and it is now the most optimistic region in the UK.

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Wales

Q3: Business confidence in Wales returns to positive territory, reaching its highest level in two years.

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England

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

Sectors

Illustration of a hammer made from charted material representing the construction sector.
Construction

Q3: Business confidence in Construction improves but remains in negative territory as sales and profits stall.

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Energy, Water & Mining

Q3: Energy, Water & Mining sector maintains upbeat sentiment.

Illustration of an industrial robotic arm made from charted material representing the manufacturing sector.
Manufacturing & Engineering

Q3: Manufacturing & Engineering confidence returns to positive territory as exports strengthen.

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Retail & Wholesale

Q3: Business sentiment in Retail & Wholesale rises but remains weak as firms remain cautious about the outlook.

Illustration of a calculator made from charted material representing the banking, insurance and finance sector.
Banking, Finance & Insurance

Q3: Banking, Finance & Insurance confidence returns to positive territory amid stronger profits growth.

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.
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A paper sculpture resembling the Great Wall of China, folded from sheets printed with economic graphs and trend lines, symbolising China’s economy and market volatility.

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.
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