Business Confidence in the UK Falls to a New Low Since January 2023

Forex - British businesses slowed down last month and pulled back on hiring.
According to new data from business consulting and accounting firm BDO, business confidence in the UK fell to its lowest level since January 2023 in November.
BDO's Optimism Index declined by 5.81 points from the previous month to 93.49, marking the largest monthly drop since August 2021.
BDO stated that the decline recorded in both the services and manufacturing sectors "may reflect businesses' immediate reaction to announcements in the Autumn Budget."
UK Chancellor Rachel Reeves announced the highly anticipated Autumn Budget on October 30, which included a series of tax increases. Key among these were an increase in the National Insurance (NI) payroll tax paid by employers and a rise in the National Living Wage.