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ICAEW Business Confidence Monitor

UK nations and regions

Q2: Confidence slumps to near four-year low as businesses nurse painful Iran war hangover

Access the latest Q2 regional and sectoral reports below.

Nations and regions

Stylised thistle illustration representing Scotland.
Scotland

Q2: Business confidence in Scotland drops sharply into deep negative territory.

Stylised red dragon illustration representing Wales.
Wales

Q2: Business confidence in Wales slumps amid concerns about labour and energy costs.

Illustration of Big Ben representing London.
London

Q2: Sentiment in London slides back into negative territory amid increased international uncertainty.

Illustration of Blackpool Tower representing North West England.
North West

Q2: Sentiment in the North West slides into deep negative territory.

Illustration of the Angel of the North representing North East England.
North East

Q2: Sentiment in the North East slides back into negative territory.

Stylised white rose illustration representing Yorkshire.
Yorkshire & Humber

Q2: Yorkshire & Humber is the most confident region in the UK in Q2 2026.

Abstract illustration representing the West Midlands region.
West Midlands

Q2: Business confidence in the West Midlands deteriorates as the Iran War weighs on the outlook.

Abstract folded illustration with chart lines representing the East Midlands.
East Midlands

Q2: Business confidence falls sharply into deep negative territory in the East Midlands.

Stylised crab illustration representing the East of England.
East of England

Q2: Business confidence in the East of England deteriorates as the Iran War weighs on the outlook.

Illustration of Stonehenge representing South West England.
South West

Q2: Sentiment among companies in the South West deteriorates as the Iran War weighs on the outlook.

Illustration of the White Cliffs of Dover representing South East England.
South East

Q2: The Middle East conflict adds to domestic pressures in the South East as confidence drops into deep negative territory.

Sectors

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

Q2: Business confidence in Construction deteriorates amid rising costs and greater uncertainty.

Illustration of a fuel pump made from charted material representing the energy sector.
Energy, Water & Mining

Q2: Despite sentiment cooling slightly, the Energy, Water & Mining sector is still the most confident sector in the UK.

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

Q2: Sentiment in Manufacturing & Engineering slides back into negative territory.

Illustration of a shopping bag made from charted material representing the retail sector.
Retail & Wholesale

Q2: Business confidence in Retail & Wholesale deteriorates as the Iran War weighs on the outlook.