UK business confidence falls as economy slows and interest rates rise

Firms have cut back on hiring staff and manufacturing output is at its lowest since May 2020 as supply issues continue, a survey finds

Business confidence fell last month amid jitters over the slowing UK economy dampening company plans to hire more staff, according to a survey of more than 4,000 firms.

Optimism has declined, with higher interest rates and weak global demand contributing to gloom across the services and manufacturing sectors.