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ICAEW Business Confidence Monitor

UK nations and regions

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

Access the latest Q4 regional and sectoral reports below.

Nations and regions

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

Q4: Scottish business confidence slips into deep negative territory and below the UK average

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

Q4: Confidence drops back into negative territory in Q4 2025.

Scenic view of central London with the London Eye and surrounding buildings seen from across a lake in a city park
London

Q4: London’s business confidence declines below national average amid growing concerns over tax and regulation.

Tree-lined canal with walking paths on both sides under a blue sky in the North West of England
North West

Q4: North West businesses are the most confident as sentiment returns to positive territory

The Angel of the North sculpture standing on a grassy hill under a partly cloudy sky in the North East
North East

Q4: Business confidence in the North East falls further into deep negative territory.

Expansive aerial view of green farmland and patchwork fields under a partly cloudy sky in Yorkshire and the Humber
Yorkshire & Humber

Q4: Sentiment falls into deep negative territory amid growing tax and regulatory concerns.

Aerial view of the West Midlands showing green parks and the Birmingham city skyline under a bright sky
West Midlands

Q4: Sentiment rises sharply in the West Midlands but confidence remains in negative territory.

Power station with cooling towers rising above the trees in the East Midlands countryside
East Midlands

Q4: Confidence in negative territory for fifth successive quarter.

Stone bridge crossing a peaceful river lined with lush trees in the East of England
East of England

Q4: Sentiment drops into deep negative territory as challenges mount for businesses in the East of England.

Historic Pulteney Bridge and Georgian buildings over the River Avon in Bath, South West England
South West

Q4: Sentiment rises but record concerns about the tax burden leave the score in negative territory.

The iconic white chalk cliffs of the South East coastline with fields and countryside stretching inland
South East

Q4: Businesses in the South East are the least confident in the UK amid record tax concerns and rising regulatory challenges.

Sectors

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

Q4: Confidence slips into deep negative territory amid growing concerns about customer demand.

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

Q4: Confidence dips back into negative territory but remains ahead of most other sectors.

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

Q4: Sentiment drops deeper into negative territory but remains above the UK average.

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

Q4: Retail & Wholesale suffers further slump in confidence as challenges mount.