With record high inflation, rising costs including energy and the cost of living crisis, business confidence has fallen sharply to a very low level by past standards.

However, the BCM findings also showed that many of the record highs have begun to slow down, suggesting that some respite could be around the corner.

The latest monitor showed confidence had fallen to -23.4 for Q1 2023, the lowest since the global financial crisis of 2009. This has dropped considerably, when compared to -16.9 for Q4 2022.

Most sectors have shared this decline, with construction, property, retail and wholesale, and manufacturing the least confident.