ACCA’s latest survey of business confidence showed a stark difference in the past two quarters to the first two of 2024 with the early part of last year showing business confidence beginning to grow again.

Just two quarters into Labour Party’s tenure in Number 10, SMEs are reporting that their confidence going into this year is lower than it was during and after the pandemic. In fact, it is the lowest reading since ACCA began the survey in 2014.

Glenn Collins, head of strategic engagement at ACCA UK, said: ‘This winter, the government is enduring a storm, partly of their own making.

‘The government needs to shift its, and the country’s, focus to make it easy to do business and encourage growth.

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