A survey by the Institute of Directors recorded a three-year low in British business confidence during the final three months of last year.

Only 10% of companies polled said they felt more rather than less optimistic about their outlook, down from 23% in September and 28% in Q1 and Q2. However, those saying their companies were performing well slid less steeply, from 76% in September to 72%.

The study follows last week’s release of data by the Office for National Statistics showing a five-year low in manufacturing output.

News source: Financial Times