UK business confidence drops to 3-year lows

According to the latest survey conducted in the UK, business optimism among British companies fell to a three-year low, as the recent global market turbulence stemming from China slowdown concerns and the oil rout weighed on the business morale. While looming Brexit concerns also remain a drag on the business prospects.

The BDO Business Optimism Index has touched lows not seen since 2013 this month. BDO, being the consultancy firm which carries out the survey, said that the results indicated that firms expect their output growth to slow beyond the long-term trend.

The BDO's Peter Hemington noted, "Global headwinds are finally hitting business confidence and the added uncertainty of an EU referendum just round the corner is fuelling concerns."