Confidence among British businesses has fallen sharply amid mounting concerns about the domestic political backdrop and evidence that a weaker pound has failed to deliver a significant boost to exports. Although British companies reported their best profits in five years in the second quarter, there are growing concerns that the domestic economy has slowed markedly, sparking a succession of profit warnings. The latest business confidence index from the Institute of Chartered Accountants in England and Wales has swung into in negative territory, falling from a positive 6.7 in the second quarter to -8 in the third quarter, similar to the first quarter of 2017. Mathew Rideout of the institute said the government had been distracted by the start of Brexit negotiations and its industrial strategy…

Source: The Times August 13, 2017 22:52 UTC