The monitor, which surveyed 1,000 chartered accountants in the UK, found confidence levels hit 27.6 on the quarterly index for Q1 of 2022, which is significantly below the highest ever reading of 47 two quarters ago.

The figure matches the confidence level last recorded in Q4 2014 but is still much higher than the period from 2015 which recorded a level of 16.8 to Q4 of 2020 which recorded the lowest level of the last 10 years of -19.

Among sectors, IT and communications and energy, water and mining companies are the most confident with an average confidence level of 42 while retailers and wholesalers are among the least with a level of 13.2.