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ICAEW Business Confidence Monitor

Q1: UK business confidence turns negative for first time since 2022. Explore the latest findings.

Full national report, plus regional and sectoral reports available below.

National

Business Confidence Monitor

UK Business Confidence Monitor: National

  • Report
The latest national Business Confidence Monitor (BCM) for Q1 2025 shows that business confidence continued to fall and turned negative for the first time since late 2022, reflecting forthcoming tax rises, rising inflation, weak UK growth, and increased global uncertainty.
Read more

About BCM and methodology

  • Article
  • ICAEW
One of the largest and most comprehensive quarterly surveys, running for 20 years, the BCM includes a vast range of indicators and provides an authoritative and authentic voice on the economy and business issues.
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Looking up through tall trees with fresh green spring foliage and sunlight streaming through the canopy

Business confidence negative as tax and tariff woes set in

  • Press release
  • ICAEW
UK business confidence fell into negative territory for the first time in over two years in the first quarter of 2025, as worries over this month’s surge in business costs and US tariffs wreaked havoc, a survey of business leaders published today (Tuesday 15 April) has found.
Read more
Looking up through a forest canopy with vibrant autumn leaves glowing in the sunlight

Nations and regions

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

Q1: Scotland remains the most confident part of the UK, but business sentiment has eased amid growing headwinds.

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

Q1: Business confidence drops further into negative territory in Wales.

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

Q1: London’s business confidence dips as concerns about the tax burden deepen but sentiment remains positive.

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

Q1: Sentiment drops for a fourth consecutive quarter as confidence score turns negative.

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

Q1: Business sentiment in the North East remains in negative territory.

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

Q1: Confidence slips further into negative territory as trade uncertainty heightens.

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

Q1: Confidence in the West Midlands dropped further in Q1 2025.

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

Q1: Business sentiment in the East Midlands slides further into negative territory and remains one of the least confident UK regions.

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

Q1: Despite growing headwinds, confidence remains positive in the East of England as sales and profits improve.

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

Q1: Confidence improves slightly in the South West but remains firmly in negative territory.

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

Q1: Business sentiment dips further in the South East in Q1 2025 amid growing concerns about the tax burden and persistent inflation.

Sectors

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

Q1: Confidence recovers somewhat amid strong domestic sales growth but concerns about the tax burden reach new survey record high.

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

Q1: Sentiment picks up in Q1 2025 after two quarters of decline.

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

Q1: Confidence drops deep into negative territory and is the lowest of any sector.

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

Q1: Sentiment among Retail & Wholesalers edges further into negative territory.