Optimism sinks to its lowest since Truss fallout

Seeking clarity: (From left) Britain’s Deputy Prime Minister Angela Rayner, Reeves and the Home Secretary Yvette Cooper at a conference in Liverpool. Experts say Labour could boost growth and investment by clarifying its plans in the next few weeks. — Reuters

LONDON: Business chiefs are the most pessimistic they have been about Britain’s economy since late 2022, when the country was still reeling from the effects of Liz Truss’s short spell as Prime Minister.

The Institute of Directors (IoD) said yesterday that the fear of looming tax hikes and workplace regulations, expected to be brought in by the United Kingdom’s new Labour government, had contributed to the drop in its monthly economic confidence index.