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07 October 2016

Business confidence ‘recovering’ after Brexit vote

Confidence among UK businesses returned to its pre-referendum level last month, according to a new study.

Business confidence reached a level of 112.4 during September, according to the UK Economic Index compiled by YouGov and the Centre for Economics and Business Research (Cebr).

The index had stood at just 105 in July immediately after the Brexit vote and 109.7 in August. By achieving a reading above 100, the index points to positive business sentiment.

While just 35% of business leaders said they were upbeat about the country's economic prospects in August, this proportion climbed to 44% in September.  Some 500 experts were questioned as part of the study.

Only 35% of firms are now pessimistic about the projected fortunes of the British economy.

Cebr director  Scott Corfe said: "The panic that gripped businesses in the aftermath of the referendum has subsided and they are now much more level-headed and optimistic about the future of both their own organisations and the UK's economy in general."

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