Home / Knowledge / News / Retail / UK business confidence dips to lowest tip since 2012: BDO

UK business confidence dips to lowest tip since 2012: BDO

14
Apr '19
UK business confidence dips to lowest tip since 2012: BDO
UK business optimism has crashed to its lowest level since September 2012, when the UK economy was battling to fight off a double-dip recession, says a new report from accountants and business advisors BDO LLP. BDO’s Optimism Index, which shows how businesses expect output to develop in three to six months, plummeted to 96.10 in March from 99.79 in February.

The report registers the worst monthly drop in the optimism index since November 2008, during the dark days after the fall of Lehman Brothers. In absolute terms, sentiment is now weaker than its previous low point after the UK’s vote to leave the European Union (EU) in 2016, according to a press release from BDO.

The services sector, which comprises around 80 per cent of the UK gross domestic product (GDP), drove the overall decline in confidence with the sector index falling by a dramatic 4.15 points to 95.13 in March.

Despite the plunge in optimism, BDO’s Output Index, which measures UK business output growth, held steady at 98.74 in March, up 0.42 from 98.32 in February.

This suggests the economy is performing better than expected given the challenges of the domestic political environment and the gloomy global business outlook, according to BDO.

While output growth is in positive territory, it remains below the average growth trend of 100 and is no doubt inflated due to well-documented stockpiling at an all-time high. (DS)

Fibre2Fashion News Desk – India


Must ReadView All

Pic: Shutterstock

Apparel/Garments | On 4th Aug 2020

India widens scope of credit guarantee scheme for MSMEs

India last week widened the scope of the ₹3-lakh crore credit...

Pic: IndianOil

Textiles | On 4th Aug 2020

IndianOil to set up ₹13,805 cr PX-PTA complex at Paradip

The board of Indian Oil Corporation Ltd (commonly known as IndianOil) ...

Pic: Shutterstock

Apparel/Garments | On 4th Aug 2020

EVFTA fabric origin rule a challenge for Vietnamese firms

Despite the European Union (EU)-Vietnam Free Trade Agreement (EVFTA), ...

Interviews View All

Top executives, Textile industry

Top executives
Textile industry

Sustainable fashion is also ‘slow fashion’

Vasanth Kumar, Max Fashion India

Vasanth Kumar
Max Fashion India

‘Traditional high-street retailers are now willing to offer franchisees to ...

Amrit Sethia, SOIE

Amrit Sethia
SOIE

‘The intimatewear category in India is slowly becoming trend-sensitive.’

Martina Giorgetti,

Martina Giorgetti

Italy-based Cibitex is a manufacturer of textile finishing machinery,...

Carmen Makover,

Carmen Makover

Leading the digital textile printing industry, Israel-based Kornit...

Ramez Basmaji,

Ramez Basmaji

Fabusse is a Lebanon-based fashion agency that offers a variety of...

Kevin Young & Tom Lucas, Web Industries

Kevin Young & Tom Lucas
Web Industries

Web Industries is a precision formatter of nonwoven materials used in baby ...

Iago Castro Asensio, RCfil Distribuciones S.L.

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Giulio Cesareo, Directa Plus SpA

Giulio Cesareo
Directa Plus SpA

Established in 2005, Direct Plus SpA, is one of the largest producers and...

Rajesh Pratap Singh, Rajesh Pratap Singh

Rajesh Pratap Singh
Rajesh Pratap Singh

<div>Ace fashion designer <b>Rajesh Pratap Singh</b> has used Tencel to...

Niti Singhal, Twee In One

Niti Singhal
Twee In One

Best known for convertible clothing, Indian brand Twee In One by designer...

Aditi Somani, Aditi Somani

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


July 2020

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search