The Institute of Chartered Accountants in England and Wales (ICAEW) has suggested that confidence amongst businesses has 'slumped' as a result of ongoing Brexit uncertainty.
The ICAEW's Business Confidence Monitor recently revealed that confidence deteriorated from -12.3 in the fourth quarter of 2018 to -16.4 during this quarter. According to the Institute, every sector currently stands in 'negative territory', excluding the IT and communications industry.
Additionally, the ICAEW stated that it expects GDP growth of just 0.1% this quarter.
'Companies at the moment are unclear about the future,' said Michael Izza, Chief Executive of the ICAEW.
'Directors have the exceptionally difficult task of explaining within their annual reports the impact Brexit might have on their business models and operations. Companies are making decisions now about jobs, supply chains, headquarters and asset locations – incurring significant, and possibly unnecessary, cost and upheaval.
'We fear the destructive effects of a no deal outcome on the economy, so urge our politicians to work together to break the Brexit deadlock and help restore business confidence.'