UK business confidence at lowest level since pandemic after tax-raising budget

Institute of Directors says hit to private sector will undermine growth and public finances

The UK government has been accused of undermining the foundations of the economy with its autumn budget, after business confidence plunged to its lowest level since the early months of the Covid-19 pandemic.

The Institute of Directors’ economic confidence index, which measures business leader optimism in prospects for the UK economy, fell to -65 in November from -52 in October, the fourth monthly fall in a row.