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ICAEW Business Confidence Monitor

UK nations and regions

Q3: Business confidence in freefall as tax fears hit new record high ahead of the Budget.

Access regional and sectoral reports

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.

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

Q3: London’s business confidence improves from the previous quarter but remains in negative territory.

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

Q3: Sentiment eases slightly into negative territory but is among the most confident regions in the UK.

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

Q3: Business confidence in the North East drops back into negative territory.

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

Q3: Confidence dips back into negative territory amid weak sales and heightened tax concerns.

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

Q3: Business confidence in the West Midlands falls deep into negative territory.

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

Q3: Sentiment remains firmly below the UK average after a slight rise.

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

Q3: Sentiment edges ahead of the UK but remains in negative territory.

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

Q3: South West now the least confident region with sentiment falling to lowest level in five years.

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

Q3: Business sentiment in the South East remains in deep negative territory in Q3 2025, below the UK average.

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.