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 28th Jul 2021

French Parliament passes law to apply 'carbon labels’ to garments

The French Parliament recently approved a climate bill that will...

Pic: Shutterstock

Textiles | On 28th Jul 2021

Global economy projected to grow at 6% in 2021, 4.9% in 2022: IMF

The IMF recently projected the global economy to grow at 6 per cent...

Pic: Shutterstock

Textiles | On 28th Jul 2021

Prime Content| Why is home textile sourcing shifting from Pak & China to Bangladesh?

Buyers in the US, EU and UK are shifting their textile sourcing from...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Biggest learning was adaptability

Textile Industry, Head honchos

Textile Industry
Head honchos

Next level is to inject new features:

Textile Industry, Head honchos

Textile Industry
Head honchos

Marry with brand ethos

Rajesh Vohra,

Rajesh Vohra

A part of the Italy based multinational company Artsana Group, Chicco is...

Sanjay Vakharia,

Sanjay Vakharia

One of the first few Indian denim brands, Spykar, established in 1992, was ...

Benedetta Terraneo,

Benedetta Terraneo

Miko Srl, a subsidiary of US-based Sage Automotive Interiors and a member...

Keith McMillen, Bebop Sensors

Keith McMillen
Bebop Sensors

Bebop Sensors' smart fabrics allows for a new level of interaction between ...

Jacques Prigneaux, EDANA

Jacques Prigneaux
EDANA

EDANA has been the leading global association and voice of the nonwovens...

Ian Russell, Pireta

Ian Russell
Pireta

UK-based Pireta has developed a unique free-form process to add durable,...

Shalini Sharma & Shweta Pundir Sharma, Six Yard Story

Shalini Sharma & Shweta Pundir Sharma
Six Yard Story

Six Yard Story is a premium artisanal brand with a focus to bring handloom ...

Sarah Denise Cordery, Sarah Denise Studio

Sarah Denise Cordery
Sarah Denise Studio

Manchester, England-based Sarah Denise Studio provides relevant fashion...

Abhishek Bajaj & Samiksha Bajaj, Samshek

Abhishek Bajaj & Samiksha Bajaj
Samshek

Samshek is a fashion forward tech brand which combines digital experience...

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 2021

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


Advanced Search