A monitoring of business confidence over the last two years shows a peak to its highest point in the last three months, according to the Institute of Chartered Accountants in England and Wales (ICEAW).

The ICEAW's latest index of confidence reveals a 16.7 points jump in the second quarter of 2024, up from 14.4 in the previous three months.

But within the details of the report, winners and loses clearly emerge. 

The quarterly study sounds out the experience of 1,000 chartered accountants across the UK and their perspective suggest that optimism is evident in financial services, energy, water and mining.

But manufacturing and engineering businesses are among the least confident, stalled by pessimism around domestic and export growth as well as profit expectations for 2024 to 2025.

A spokesman said: "The ICAEW is calling on the new Labour government to work closely with the business community to unlock stronger economic growth and provide the stability and continuity needed for businesses to plan invest and grow."

Key findings within the report show that a fifth of businesses raised their prices in order to meet the rise in the national living wage well salary growth remained unchanged at 3.7% year-on-year in Q2 – nearly double the average historically .

One Gloucester retail source told Punchline gloucester.com: "Business is very tough out there at the moment. For anybody depending upon High Street activity for their profits, we are seeing the dismal weather so far this summer as well as the effect of the 2042 Euros having quite a dampening affect at the tills."