Nirav Modi further remanded in UK prison until August 22

• Business confidence slid to -11.1 in late 2025, the weakest since 2022
• Tax worries hit a record 64 per cent of firms, survey shows
• Exporters feel steadier, pointing to domestic pressures at home

British businesses ended 2025 in their most pessimistic mood in three years, with confidence slipping further after the November budget, according to a closely watched survey published on January 15.

The Institute of Chartered Accountants in England and Wales said its business confidence index fell to -11.1 in the fourth quarter, down from -7.3 in the previous quarter and the lowest reading since the end of 2022. Confidence weakened steadily between September and December and dropped again after the budget delivered on November 26 by finance minister Rachel Reeves, the survey showed.