UK business confi dence ‘ slumps after election’

British business confi dence has fallen sharply since last Thursday’s inconclusive election that left Prime Minister Theresa May weakened ahead of Brexit talks, according to a survey by the Institute of Directors published on Monday.

The survey of nearly 700 members of the business group also exposed deep concern over the political uncertainty and its impact on Britain’s economy

May failed to win a parliamentary majority in the election. Her hopes of forming a government lie with winning support from Northern Ireland’s Democratic Unionist Party, which won 10 seats in the election.

The survey found a negative swing of 34 points in confi dence in the UK economy from its last survey in May.

While 20 percent of members were optimistic about the economy over the next 12 months, some 57 percent were either quite or very pessimistic, according to the survey.

“It is hard to overstate what a dramatic impact the current political uncertainty is having on business leaders, and the consequences could, if not addressed immediately, be disastrous for the UK economy,” said Stephen Martin, director general of the institute.

“The needs of business and discussion of the economy were largely absent from the campaign, but this crash in confi dence shows how urgently that must change in the new government.”

The survey found that its members saw no clear way to quickly resolve the political situation, feeling that a further election this year would have a negative impact on the economy.

They want to see quick agreement with the EU on transitional arrangements for the UK’s withdrawal from the bloc, and clarity on the status of EU workers in Britain.