Record dip in business confidence

BUSIneSS leaders have suffered a record drop in confidence during the pandemic and fear the economic recovery will be slow, data suggests.

Deloitte’s survey of 104 finance chiefs last month found that 84pc were less optimistic about company prospects, compared with 47pc just three months ago – the survey’s biggest drop in confidence on record.

Most said the pandemic had made them far more risk-averse, prompting reviews of spending and in many cases hiring freezes or slowdowns, and that they did not expect revenues to recover quickly.

The gloomy findings, published today, come days after British Airways announced it could cull 12,000 jobs. Rolls-Royce, which relies on the airline industry, is also thought to be announcing up to 8,000 job cuts.

Ian Stewart, chief economist at Deloitte, said: ‘Chief financial officers expect the lockdown to ease in May and June… but there is no expectation of a quick snap back in activity.’