Business confidence in the UK has slipped to its lowest level in 30 months, according to the latest data.The news comes before the announcement of crucial GDP figures on Tuesday that are likely to show that the UK is edging towards recession. The Lloyds Bank Corporate Markets business barometer measured confidence in the UK's economic prospects at its lowest for over two years. The survey showed that a large majority of employers expect the outlook for the economy to remain gloomy over the coming months. Said the report, "The predictive nature of the barometer indicates below-trend economic activity continuing into 2012 with an increased risk of recession."
The survey also painted a gloomy picture of the UK's major industries, suggesting that the manufacturing, construction and services sectors are contracting.
The news is just the latest in a series of worrying developments in recent times. The forthcoming GDP figures are likely to provide the government, as well as business leaders, with renewed food for thought.