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Gloucestershire Business News

Survey shows lack of confidence hitting investment

Investment plans for the rest of the year have been downscaled amid growing uncertainty in UK business leaders.

In its latest confidence tracker, the Institute of Directors showed its members had seen plans to investor in the next 12 months fall to a record low level.

But overall business confidence had risen slightly since a month ago as coronavirus restrictions began to be eased.

The institute's chief economist Tej Parikh said businesses were showing signs of create optimism, but stressed many needed continued support to survive.

He said: "The Government must pull out all the stops this summer. If it hold back too much ammo for later in the year, firms' recoveries will be slowed.

"When the furlough scheme ends, employment could take a hit.

"The Government should help companies fill the gap by reducing the cost of hiring."

He continued: "With cash tight, smaller firms could also benefit from tax breaks to adjust to the new normal, while the debt businesses have built up will hold back the economy unless it is addressed."

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