02 Dec 2025A report carried out by the Institute of Directors (IoD) has found that confidence amongst business directors is at a near record low. The business group's Economic Confidence Index, which measures optimism among business leaders in prospects for the UK economy, recorded a figure of -73 in November before the recent Autumn Budget. In a snap poll conducted immediately after the Budget, the Index rose by just one point to -72, the IoD said. Business leader confidence in their own organisation also fell to -5 in November from a reading of 30 in October. Following the Chancellor's Budget speech, this fell again to -20. Anna Leach, Chief Economist at the IoD, said: 'Because this Budget landed midway through our fieldwork, we were able to track business leader confidence both immediately before and after the announcements. 'In the weeks running up to the Budget, persistent speculation over tax rises kept confidence subdued. And with our snap poll showing that four in five business leaders (80%) view the Budget negatively, it is no surprise that confidence remains close to record lows afterwards. 'The immediate outlook for business investment and employment has weakened further, and that will require further attention.'